Gold prices have exhibited a modest upward trend, recently reaching the anticipated target of $2390.00. Analysts observe that while stochastic indicators show a weakening positive momentum, the EMA50 exerts downward pressure on the price.
Market analysis suggests a potential for continued decline in upcoming sessions, with the next target projected at $2366.10. Breaking below the $2390.00 mark could signify the formation of a negative pattern, indicating further downside towards levels approaching the $2300.00 barrier.
Critical to the outlook is the price’s ability to remain below $2438.60, which would sustain the bearish trend.
Today’s expected trading range is seen between support at $2380.00 and resistance at $2415.00.
This assessment highlights the cautious sentiment surrounding gold as technical indicators suggest a possible bearish trajectory despite recent bullish movements.
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