Gold price reaches the target – Analysis - 06-06-2019

Gold price managed to reach few pips away from our main waited target at 1346.70, showing some bearish bias affected by stochastic negativity, noticing that stochastic gets rid of its negative momentum and moves near the oversold areas, which supports the chances of resuming the positive attempts in the upcoming sessions, waiting to breach the mentioned level to confirm extending the bearish wave towards 1365.25 areas a next main station.

Therefore, the bullish bias will remain suggested on the intraday and short term basis unless breaking 1302.60 level and holding below it, noting that the EMA50 supports the suggested bullish wave.

The expected trading range for today is between 1315.00 support and 1350.00 resistance.

The expected trend for today: Bullish