Gold price attempts to recover – Analysis - 12-05-2022
Gold price surpassed 1850.00 level and settled above it, to hint the attempt to recover on the intraday basis, but we notice that the price is still below the bearish channel’s resistance, and the EMA50 meets this resistance to add more strength to it, while stochastic loses its positive momentum to enter the overbought areas.
Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions, and breaking 1850.00 will reinforce the expectations of targeting 1820.00 followed by 1780.25 levels, noting that breaching 1864.00 will stop the expected decline and lead the price to achieve additional gains on the intraday basis.
The expected trading range for today is between 1830.00 support and 1870.00 resistance.
The expected trend for today: Bearish
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