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Gold prices experienced a significant uptick yesterday evening, reaching a key resistance level of $2,526.00. However, the price trend has turned negative this morning, suggesting a possible continuation of the bearish bias on an intraday basis, with a primary target of $2,483.40.
Currently, stochastic indicators are showing a negative overlap, reinforcing the expectation of a decline in the near term. A decisive break above $2,526.00 would negate the bearish outlook and potentially shift the price back onto an upward trajectory.
Today’s anticipated trading range is between a support level of $2,490.00 and a resistance level of $2,530.00.
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