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Gold prices have found support at the 50-day Exponential Moving Average (EMA50), halting their recent decline and exhibiting a slight bullish bias at the start of today’s trading. The market is anticipated to need a negative catalyst to resume its downward trajectory, with the next significant target being the main bullish trend line around $2,408.00.
Currently, the intraday trend remains bearish. A breach of the $2,483.40 level could negate this negative outlook, potentially leading to a restoration of the primary bullish trend.
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For today, the forecasted trading range is between $2,430.00 support and $2,470.00 resistance.
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Trend Forecast: Bearish
