Gold prices are currently experiencing positive trading activity, influenced by stochastic indicators suggesting upward momentum. However, analysts anticipate that the market may retest the previously broken neckline of the double top pattern before resuming its bearish correction.
While temporary gains are expected in the short term, experts recommend that the prevailing bearish trend will continue in the upcoming sessions. For a significant decline to materialize, the price must break below the key level of $2,603.87. A successful breach could open the pathway for gold to reach the next correctional target of $2,578.65. Conversely, if the price exceeds $2,635.06, it could halt the anticipated decline and initiate a return to the primary bullish trajectory.
For today, the anticipated trading range for gold is between a support level of $2,595.00 and a resistance level of $2,635.00.
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