Gold prices continue to fluctuate between two critical levels: the bullish trend line, currently at $2,368.00, and the key resistance at $2,394.00. This resistance marks the neckline of a previously broken double top pattern observed on the chart. The ongoing conflict between various technical indicators has led to a cautious stance, maintaining neutrality until the price decisively surpasses either of these levels.
A breach below the current support level could trigger a resumption of the negative trend associated with the double top pattern, with a potential bearish correction targeting an initial level at $2,324.55. Conversely, a break above the resistance could signal a return to the primary bullish trend, potentially driving prices to gains starting at $2,450.00, followed by further increases to $2,483.40.
For today, the anticipated trading range for gold is between $2,365.00 on the support side and $2,400.00 on the resistance side.
Related topics: