Gold prices opened today’s trading session with notable bullish momentum, as the market aims to test the resistance level of the prevailing bullish channel, which is currently positioned at $2742.
However, the current negative readings from the Stochastic indicator could slow down the upward movement, cautioning that a breach of the channel’s support at $2693 would signal the end of the bullish trend. This would likely trigger a bearish correction, with an initial target of $2672.
The anticipated trading range for the day is between a support level of $2705 and a resistance level at $2745.
Trend Outlook: Bullish