In the latest price analysis, gold demonstrates resilience as it maintains its position above the $2340.10 mark. However, the EMA50 exerts downward pressure on the price trajectory. Meanwhile, the stochastic indicator shows a clear decline in positive momentum, indicating a potential shift towards negative territory. Market analysts anticipate a continuation of negative trading patterns, potentially leading to a breach of the head and shoulders pattern neckline at $2318.50. Subsequently, the price may embark on a bearish correction, targeting initial support levels at $2272.06 and extending downwards to $2217.10.
The prevailing outlook suggests a bearish trend for the foreseeable future. It’s crucial to monitor the price closely, with a breach above $2360.00 signaling a halt to the anticipated bearish correction, potentially paving the way for a resumption of the primary bullish trend.
Traders should anticipate trading within a range bounded by support at $2320.00 and resistance at $2360.00.
Trend Forecast: Bearish
