Gold prices have shown a bearish rebound from the critical resistance level of $2340.10, accompanied by clear negative signals from stochastic indicators. This suggests further downside momentum, targeting our primary objective at $2272.06.
The correctional bearish trend remains active, with a potential break below $2272.06 indicating a continuation towards the next downside target at $2217.10. Conversely, breaching $2272.06 could halt the bearish correction and signal a return to the main bullish trajectory.
Expected Trading Range:
Today’s anticipated trading range spans between support at $2300.00 and resistance at $2335.00.
Trend Forecast:
The outlook remains bearish as gold prices are poised for continued decline, contingent on maintaining resistance and stochastic signals pointing downwards.
Investors and traders are advised to monitor these key levels closely for potential trading opportunities and to gauge the metal’s directional bias amid ongoing market dynamics.