Overview:
The recent movement in gold prices has sparked anticipation among traders, with signals suggesting a potential shift in the market’s trajectory. While the price surpassed the $2325.90 mark, hinting at a cessation of the bearish correction, it remains below the breached support of the primary bullish channel. Technical indicators present conflicting signals, complicating the forecast for the precious metal’s direction.
Expected Scenario:
Amid the uncertainty stemming from conflicting technical indicators, a prudent approach would be to observe from the sidelines until a clearer trend signal materializes. A breakthrough above the $2346.50 resistance level may herald a resumption of the bullish trend, with targets set at $2390.00 and $2431.45. Conversely, a dip below $2325.90 could signify a return to the corrective bearish path, with $2260.60 identified as a key downside target.
Expected Trading Range:
The anticipated trading range is expected to fluctuate between the support level at $2315.00 and the resistance level at $2355.00.
Trend Forecast:
Given the ambiguity in technical indicators, the trend forecast remains neutral, urging traders to exercise caution and await clearer signals before committing to decisive positions.
