Gold price under the negative pressure – Analysis - 10-06-2022

Gold price faced negative pressure yesterday to break 1850.00 level and approach 1838.10 level, to hint potential turn to the trend to the downside, which will be confirmed in case the price continued the decline to break the last level.

We prefer to stay aside temporarily until we get clearer signal for the next trend through breaking 1838.10 support or breaching 1850.00 resistance, noting that breaking the mentioned support will confirm the turn to decline and head to achieve negative targets that start at 1810.00 and extend to 1780.25, while breaching the resistance will lead the price to resume the bullish wave that its next main target located at 1890.00.

The expected trading range for today is between 1825.00 support and 1865.00 resistance.

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The expected trend for today: Neutral