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Gold prices are currently exhibiting a bearish bias as they test the recently breached resistance of the bullish channel evident on the chart. For the bullish trend to remain active today, prices need to consolidate above $2,647.00. A break below this level could trigger a bearish wave on an intraday basis.
Conversely, the market is looking for positive momentum to reignite the expected bullish wave, with the next significant target set at $2,700.00.
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The anticipated trading range for today is between a support level of $2,650.00 and a resistance level of $2,690.00.
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Trend Forecast: Bullish
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