Gold is stable – analysis – 06-04-2020

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Gold price trading remains above the $ 1600.00 barrier, and SMA 50 continues to provide positive support for the price, so that the upside scenario remains valid and effective for the coming period, organized within the main bullish channel that appears in the above chart, noting that our positive targets start at 1644.20 and extend to 1703.25 After breaching the previous level.

It should be noted that stability above 1607.70 is a prerequisite for the expected continuation of the upside, as breaking it will put pressure on the price to test the most important support for short term trading at 1578.20 before any new attempt to rise.

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

Expected trend for today: bullish





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