Gold price is stable – Analysis - 06-04-2020

Gold price settles above 1600.00$ barrier, and the EMA50 continues to provide the positive support to the price, to keep the bullish trend scenario valid and active for the upcoming period, organized inside the main bullish channel that appears on the chart, noting that our positive targets begin at 1644.20 and extend to 1703.25 after breaching the previous level.

We should note that holding above 1607.70 represents initial condition to continue the expected rise, as breaking it will press on the price to test the most important support line to the short term trades at 1578.20 before any new attempt to rise.

The expected trading range for today is between 1600.00 support and 1650.00 resistance.

The expected trend for today: Bullish