Gold Price Analysis:
As of today, May 31st, 2024, the price of gold has stabilized around the $2340.10 level. However, the Exponential Moving Average 50 (EMA50) continues to exert downward pressure on the price, impeding any significant upward movements. Additionally, the stochastic indicator has clearly lost its positive momentum and is now displaying negative overlap.
Expected Scenario:
Given these factors, we maintain our stance on the bearish trend for the foreseeable future. This outlook is further supported by the completion of a head and shoulders pattern evident on the chart. It is pertinent to note that our next target lies at $2272.06. Achieving this target necessitates the price remaining below the $2360.00 threshold.
Expected Trading Range:
Traders can anticipate the gold price to fluctuate within a range bound by a support level of $2310.00 and a resistance level of $2355.00.
