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Gold prices have encountered resistance at the 50-day Exponential Moving Average (EMA50), halting their recent rise. Additionally, the stochastic indicator has lost its positive momentum and is beginning to show negative overlap, suggesting a potential continuation of the correctional bearish trend. The next target in this downward movement is $2272.06.
The bearish trend remains valid as long as gold prices stay below $2340.10. Breaching this level would halt the correctional bearish pressure and may signal an attempt to return to the primary bullish trend.
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For today, the expected trading range for gold is between the support level of $2300.00 and the resistance level of $2340.00.
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Trend Forecast: Bearish
