Gold prices started the day with notable positivity, trading above the $2366.10 mark, signaling a potential return to a bullish trend. This upward momentum is supported by favorable stochastic indicators. However, the market faces some resistance as the price contends with the negative pressure from a completed double top pattern, which may prompt additional bearish corrections in the short term.
The conflicting signals from various technical indicators suggest a cautious approach. A breach below $2365.00 could lead to further declines, with the next target set at $2324.55. Conversely, if the price breaks through the $2394.00 resistance level, it could negate the current negative trend and drive the price upwards, potentially reaching gains between $2450.00 and $2483.40.
For today, the anticipated trading range is between $2350.00 as support and $2395.00 as resistance.
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