Gold price tests the support – Analysis - 26-05-2022

Gold price faced negative pressure in the previous sessions to test the key support 1850.00, noticing that the price consolidates above this support, as the EMA50 protects the recently suggested positive scenario, while stochastic begins to provides positive overlapping signals now.

Therefore, these factors encourage us to suggest the bullish bias in the upcoming sessions, waiting to visit 1890.00 level as a next main station, noting that breaking 1850.00 followed by 1838.10 levels will stop the expected rise and press on the price to turn to decline.

The expected trading range for today is between 1835.00 support and 1880.00 resistance.

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The expected trend for today: Bullish