Gold prices experienced a notable uptick yesterday evening, briefly testing the key resistance level at $2,526.00. However, as trading resumed today, the prices have shown a downward trend, suggesting a continuation of the expected bearish bias in the short term, with a primary target of $2,483.40.
Current technical indicators, including the stochastic oscillator, signal a negative momentum, reinforcing the expectation of a decline in the upcoming sessions. Should gold prices manage to breach the $2,526.00 resistance level, it would invalidate the current bearish outlook and potentially restore the bullish trend.
For today, the anticipated trading range for gold is between a support level of $2,490.00 and a resistance level of $2,530.00.
Trend Forecast: Bearish
