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Gold prices remain ensnared between critical support and resistance levels, with support at $2,483.40 and resistance at $2,500.00. The market’s current stance is neutral as traders await a decisive move beyond these thresholds to determine the next direction.
A breakthrough above the $2,500 resistance could ignite a new bullish trend, potentially driving prices towards $2,540 as an initial target. Conversely, a fall below the $2,483.40 support may exert additional downward pressure, potentially testing the main bullish trend line, which is currently positioned at $2,448.00.
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For today, gold is expected to trade within a range of $2,475.00 on the downside and $2,520.00 on the upside.
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Trend Forecast: Neutral
