Gold prices have exhibited a period of sideways movement in recent sessions, with the price hovering near the Exponential Moving Average 50 (EMA50). Notably, the stochastic oscillator has clearly lost its positive momentum, which could serve as a catalyst for the price to reinitiate the anticipated negative trades on an intraday basis, targeting an initial test of the 1962.35 level.
Consequently, the bearish trend is anticipated to persist in the forthcoming period. However, it is worth observing that a breach above 1993.00 would mark an interruption in the expected decline and could prompt the price to make attempts at resuming the primary bullish trend.
For today’s trading activities, the expected trading range is forecasted to span between the support at 1963.00 and the resistance at 1996.00.
To summarize, gold prices have entered a period of consolidation, marked by a sideways trading pattern and close proximity to the EMA50. The loss of positive momentum in the stochastic oscillator suggests a potential resumption of bearish moves with an initial target of 1962.35. The bearish outlook is projected to remain intact, pending any decisive break above 1993.00. The anticipated trading range for the day is expected to range between the support at 1963.00 and the resistance at 1996.00, with the overall trend leaning towards a bearish bias.
