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The price of gold exhibits a subdued yet persistent bullish bias, gradually nearing the initial resistance at 2046.60. The stochastic indicator reflects positive momentum, albeit losing its strength, while the EMA50 exerts continuous downward pressure, enhancing the likelihood of a resumption in the corrective bearish trend.
The bearish scenario remains valid and active unless the price manages to rally above the resistance levels at 2046.60 and 2065.70, with a subsequent ability to maintain its position above them.
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Expected Trading Range: 2015.00 (Support) – 2050.00 (Resistance)
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Expected Trend: Bearish
