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Expected Scenarios:
Gold price is exhibiting a slight bullish bias, aiming to test the EMA50, which acts as significant resistance, hindering further upward movement. This resistance contributes to maintaining the corrective bearish scenario, supporting the likelihood of a resumption of the decline in the forthcoming sessions. The next major target is anticipated to be at $2260.60.
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Consequently, we maintain our bearish outlook on an intraday basis, contingent upon the price remaining below $2325.90. A breach of this level is pivotal as it signifies an escape from the corrective bearish trajectory, potentially leading to a return to the primary bullish trajectory.
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Trading Range for Today:
- Support: $2285.00
- Resistance: $2325.00
Trend Forecast: Bearish
