Gold price attempts to recover – Analysis - 17-05-2022
Economies.com
2022-05-17 04:01AM UTC
Gold price shows positive trades since yesterday to approach testing the bearish channel’s resistance that appears on the chart, accompanied by stochastic entering the overbought areas, while the EMA50 forms continuous negative pressure on the price.
Therefore, these factors encourage us to continue suggesting the overall bearish trend, which its next target located at 1780.25, noting that breaching 1838.00 followed by 1850.00 levels will stop the expected decline and lead the price to achieve more gains on the intraday basis.
The expected trading range for today is between 1800.00 support and 1838.00 resistance.
The expected trend for today: Overall bearish
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