Gold price faces negative pressure – Analysis - 07-01-2021
Gold price’s decline stopped at 1900.00$ barrier, and as we notice from the chart, this level represents the intraday bullish channel’s support line, as the EMA50 meets this support to add more strength to it, accompanied by stochastic reach to the oversold areas.
Therefore, these factors encourage us to suggest the bullish trend for the upcoming sessions, which targets 1970.00 level as a next main station, noting that breaking 1900.00 and holding below it will press on the price to turn to decline and achieve additional negative targets that reach 1838.00.
The expected trading range for today is between 1900.00 support and 1950.00 resistance.
The expected trend for today: Bullish
Reprinted from Economies，the copyright all reserved by the original author.
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