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Gold prices are currently testing the previously broken main bullish trend line while maintaining stability below it. The EMA50 aligns with this resistance, adding strength to the bearish outlook, further supported by stochastic indicators losing their positive momentum.
These elements suggest a continuation of the bearish trend in the near term, with primary targets set at $2,600.00 and $2,515.00. However, a breach of the $2,645.00 resistance would invalidate this bearish scenario, signaling a return to the bullish trend with an initial target of $2,700.00.
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Expected Trading Range for Today:
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Support: $2,615.00
Resistance: $2,650.00
Trend Forecast: Bearish
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