Gold prices began the day with a notable increase, rising above the $2366.10 level. This movement suggests a potential return to the primary bullish trend, supported by positive stochastic indicators. However, the price is also under negative pressure due to a completed double top pattern on the chart, which could lead to further bearish corrections in the short term.
Given the conflicting signals from technical indicators, it is advisable to remain cautious and wait for a clearer indication of the next trend. A break below $2365.00 could drive the price towards further bearish corrections, targeting $2324.55. Conversely, breaking the $2394.00 resistance would invalidate the negative pattern and potentially lead to gains starting at $2450.00 and extending to $2483.40.
The expected trading range for today is between the support level of $2350.00 and the resistance level of $2395.00.
Trend Forecast: Neutral
