The price of gold concluded last Friday at the level of $2166.50, persisting in its efforts to breach this level. Observations indicate that technical indicators are providing positive signals that may facilitate a price recovery and potentially signal a resumption of the bullish trend.
Given the conflicting signals from technical factors, it is prudent to adopt a neutral stance until the price clarifies its stance relative to the $2166.50 level. Consolidation above this level would likely pave the way for the continuation of the primary bullish trend, with a potential target at $2222.86. Conversely, confirming a break below this level could lead to further bearish correction, with the next target potentially reaching $2131.70.
For today’s trading activities, the anticipated range is expected to fluctuate between support at $2150.00 and resistance at $2185.00.
Trend Forecast: Neutral
