Gold price under the negative pressure – Analysis - 07-06-2022

Gold price faced negative pressure yesterday to break 1850.00 level and settles below it, but we notice that 1838.10 level consolidated against the negative pressure to protect the price from suffering more losses, to lean on the intraday bullish channel’s support line that appears on the chart and prepare to start new bullish wave on the intraday basis, waiting to breach 1850.00 to reinforce the chances of achieving gains that reach 1890.00 mainly.

Therefore, the bullish bias will be suggested for today, noting that breaking 1838.10 will stop the expected rise and press on the price to turn to decline.

The expected trading range for today is between 1830.00 support and 1865.00 resistance.

Open Live Trading Account

The expected trend for today: Bullish