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Gold prices have encountered resistance at the EMA50 support level, displaying a limited bullish momentum. The stochastic indicators suggest a loss of positive momentum, which may lead to a resumption of negative trading trends. This could potentially target a test of the primary bullish trend line at $2,412.50.
In light of these conditions, a bearish trend is anticipated in the short term. However, if gold prices breach $2,483.40, the negative outlook may be reversed. Such a breakout could reinvigorate the bullish trend, pushing prices towards new highs, starting at $2,500.00 and potentially reaching $2,540.00.
For today, the expected trading range for gold is between $2,430.00 as support and $2,470.00 as resistance.
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