The price of gold has displayed a negative trend in recent sessions, nearing the pivotal support level at 2145.35. Upon closer examination of the chart, it becomes apparent that the price is forming a double top pattern, potentially signaling a bearish correction following the upward movement originating from the 1984.16 areas. However, it is noteworthy that certain technical indicators are providing positive signals, indicating a potential hindrance to further decline in the price.
Given the conflicting signals from technical factors, a cautious stance is advisable until clearer signals emerge regarding the next trend. It is important to observe that a breach of the 2145.35 support level would confirm the onset of a bearish correction, paving the way for a descent towards the initial downside target at 2114.55. Conversely, breaking above the resistance level at 2170.40 would invalidate the suggested pattern, potentially leading to renewed upward momentum targeting gains starting from 2200.00.
Today’s anticipated trading range is expected to fluctuate between the support level at 2135.00 and the resistance level at 2170.00.
Trend Forecast: Neutral
