Gold price under the negative pressure – Analysis - 22-05-2020

Gold price continued its negative pressure yesterday to break 1725.90 level, and it moves below the EMA50, which puts it under more of potential negative pressure, on the other hand, we notice that the price closed the daily candlestick above the mentioned level, getting positive signals from stochastic.

Therefore, this contradiction between the technical factors make us stay aside until getting a clearer signal for the next trend, pointing that confirming breaking 1725.90 will put the price under a bearish correctional pressure that targets 1691.10 level as an initial station, while breaching 1743.00 will return the price to the main bullish channel and pushes it to achieve positive targets that begin by surpassing 1764.00 level to open the way towads 1810.00.

The expected trading range for today is between 1710.00 support and 1750.00 resistance.

The expected trend for today: Depends on the above mentioned levels