Gold price tests the resistance – Forecast today - 02-05-2024

Expected Scenario

• Gold price ended yesterday with clear positivity, testing the 2325.90$ level, which forms a key resistance against the price. It kept its stability below it, accompanied by stochastic reaching the overbought areas, while the EMA50 meets the mentioned resistance to add more strength to it.
• Therefore, these factors encourage us to suggest resuming the bearish wave in the upcoming sessions, waiting to visit 2260.60$ as the next main target, noting that breaching 2325.90$ will stop the expected decline and lead the price to attempt to regain the main bullish trend again.

Expected Trading Range

Between the support at 2290.00$ and the resistance at 2335.00$.