The gold price has been exhibiting volatility, hovering around the $2415.00 mark, as it awaits a potential resumption of bearish trades to initiate a correction within the bullish trend that originated from the $1984.16 levels.
Initial targets for this correction lie at $2390.00, with further downside potential extending to $2340.10 post-breakout from the previous support level. Presently, the Stochastic indicator is displaying negative overlaps, bolstering the likelihood of a downward movement in the forthcoming trading sessions.
However, should the price manage to breach the resistance levels at $2431.44 and subsequently $2450.00, it would negate the current bearish outlook and pave the way for a resurgence in the overarching bullish trajectory.
Expected Trading Range: The anticipated trading range spans from the support level at $2395.00 to the resistance level at $2430.00.
Overall, the trend forecast for gold remains bearish, contingent upon the price action around key support and resistance levels outlined above.
