The price of gold has demonstrated a slight bullish trend after reaching the initial target of $2390.00. However, recent analysis reveals that the stochastic indicator is losing its positive momentum, and the 50-period exponential moving average (EMA50) is exerting negative pressure on the price.
As a result, a further decline is anticipated in the coming sessions. The next target is set at $2366.10. Should the price break below the $2390.00 level, it would confirm the formation of a negative pattern with potential targets extending beyond the immediate forecast, possibly approaching the $2300.00 barrier.
The continuation of the bearish trend is contingent upon the price remaining below the $2438.60 level.
For today, the expected trading range is between $2380.00 support and $2415.00 resistance.
Trend Forecast: Bearish
