Gold prices have inched close to their historical high, reaching just a few pips shy of the $2,483.40 mark, which was set as the second target. However, recent movements suggest a potential downturn in the coming sessions. Current trading patterns indicate a bearish outlook, as supported by clear negative signals from the stochastic oscillator.
Given these indicators, a bearish bias is anticipated for today. A break below the $2,450.00 level would further solidify expectations of a continued decline, with the price likely testing the $2,405.00 level. Conversely, if the price breaches the $2,483.40 resistance, it would invalidate the bearish forecast and potentially propel gold prices back onto a bullish trajectory, targeting the $2,500.00 threshold.
Today’s expected trading range is between the $2,440.00 support and the $2,480.00 resistance levels.
Trend Forecast: Bearish
