Gold prices are currently trading below the $2,410.90 level, which marks the 38.2% Fibonacci retracement point from the rise that began at $2,293.60. The price is expected to continue its bearish correction, with immediate targets set at $2,390.00 and subsequently at $2,366.10.
The positive stochastic indicators explain the current sideways movement, suggesting that this decline may be temporary. There is an anticipation that gold will eventually resume its primary upward trend. A break above $2,438.60 would negate the current bearish outlook and potentially lead to a rally, pushing gold towards new historical highs.
For today, the anticipated trading range for gold is between the support level of $2,390.00 and the resistance level of $2,425.00.
Trend Forecast: Bearish
