Gold prices are currently settling around the $2340.10 level, facing continuous negative pressure from the EMA50, which is hindering any positive attempts. The stochastic indicator has clearly lost its positive momentum and is now beginning to overlap negatively.
Bearish Trend Outlook
Given these factors, we continue to suggest a bearish trend for the upcoming period. This outlook is further supported by the completion of the head and shoulders pattern observed on the chart. Our next target for gold prices is set at $2272.06, provided that the price remains below the $2360.00 level.
Expected Trading Range
Support: $2310.00
Resistance: $2355.00
Trend Forecast: Bearish
The ongoing negative momentum and technical indicators reinforce our bearish outlook, suggesting that traders should anticipate further declines in gold prices, targeting the $2272.06 level as long as the price stays below $2360.00.