Gold prices rose in its recent intraday trading, to recover some of its previous losses, but it continues to face negative and dynamic pressure due to the continuation of its trading below EMA50, which prevented its recovery recently.

This comes because of breaking short-term bullish trend line, weakening the previous positive technical structure, accompanied by the emergence of negative signals from relative strength indicators, which might limit the ability to keep rising unless the price manages to breach its near resistance and holds above it.

Therefore, we suggest a decline in gold price’s upcoming intraday trading, if $5,200 resistance remains intact, to target $5,000 support level.

The expected trading range is between $5,000 support and $5,250 resistance.

Today’s forecast: Bearish