In yesterday’s trading session, gold exhibited marginal positive movement, breaching the $2300.00 mark. However, the presence of the EMA50 exerted downward pressure on the price, accompanied by negative overlap in the stochastic indicator once again.
Analysts anticipate a continuation of the bearish trend in the short term, with a projected intraday target of $2272.06. A decisive breach above $2340.10 would signal a halt to the corrective bearish momentum, potentially paving the way for a return to the primary bullish trajectory.
The anticipated trading range for the near future is expected to oscillate between support at $2290.00 and resistance at $2330.00.
Overall, the trend forecast remains bearish, with market sentiment inclined towards further downward movement in the immediate term.