Gold Price Around Moving Average – May 6, 2024 Forecast

The gold price exhibits a minor bullish inclination, aiming to challenge the EMA50, which serves as a formidable resistance barrier, safeguarding against a corrective bearish scenario and bolstering the likelihood of a resumption in decline in forthcoming sessions, with a target set at $2260.60.

Thus, our recommendation persists in favor of a bearish trend on an intraday basis, contingent upon price stability below $2325.90. A breach of this threshold signifies a pivotal shift away from the corrective bearish trajectory, paving the way for a return to the primary bullish trajectory.

Expected Trend

Today's expected trading range spans from the support level at 2285.00 to the resistance level at 2325.00.

The expected trend for today is bearish.