Gold price resumes the decline – Analysis - 23-05-2023

Gold prices ended yesterday below 1977.25 level, starting today with clear decline to move away from this level, which supports the continuation of the correctional bearish trend, and the way is open to achieve our next target at 1945.20.

Therefore, we will continue to suggest the bearish trend for the upcoming period, supported by the negative pressure formed by the EMA50, noting that breaking the targeted level will extend the bearish wave to reach 1913.15, while holding below 1977.25 represents key condition to continue the expected decline.

The expected trading range for today is between 1945.00 support and 1977.00 resistance.

The expected trend for today: Bearish