Gold price tests the resistance – Analysis - 24-05-2023
2023-05-24 03:51AM UTC

Gold prices bounced bullishly yesterday to test the key resistance 1977.25, and it keeps its stability below it, accompanied by stochastic loss to the positive momentum and witnessing negative overlapping signals now, while the EMA50 continues to press negatively on the price.


Therefore, we are waiting for new negative trades in the upcoming sessions, and the targets begin at 1945.20 and extend to 1913.15 after breaking the previous level, noting that breaching 1977.25 will stop the bearish correction and push the price to attempt to regain the main bullish trend again.


The expected trading range for today is between 1950.00 support and 1985.00 resistance.


The expected trend for today: Bearish

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