The price of gold concluded below $2325.90 yesterday, reinforcing the continuation of the correctional bearish trend in the near term.
Analysts anticipate a downward trajectory towards $2260.60, marking the subsequent correctional target.
Technical indicators, particularly the Stochastic oscillator, are signaling negativity, bolstering expectations for a resumption of the anticipated decline. Further contributing to the downward pressure is the negative stance observed from the EMA50.
However, a breach above $2325.90, followed by $2343.00, would invalidate the bearish correction, potentially redirecting the price back towards the primary bullish trajectory.
Today’s anticipated trading range spans from the support level of $2295.00 to the resistance level of $2335.00, reflecting ongoing volatility within the market.
In summary, the trend forecast for gold remains bearish, with attention drawn to key support and resistance levels for potential price movements.