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Gold prices are currently showing positive movement, surpassing the initial resistance level of $2,410.90. This suggests a potential halt to the recent bearish correction. However, stochastic indicators have lost their positive momentum and are now signaling overbought conditions. This could prompt the price to resume its downward trend and test the $2,390.00 level once more.
Despite the current recovery attempt, the bearish outlook remains predominant. If gold prices continue to rise and break above $2,438.60, this would invalidate the bearish trend and potentially shift the market back to a bullish trajectory.
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Today’s expected trading range is between $2,395.00 support and $2,430.00 resistance.
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Trend Forecast: Bearish
