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Gold is showing a bearish rebound after testing the resistance line of the intraday bullish channel, as seen on the chart. Following the trading rules within channels, the price is likely to move toward testing the channel’s support around $2,570.00. This suggests potential negative movement in the upcoming sessions, further supported by the Stochastic indicator signaling downside momentum.
Despite this decline, the overall bullish trend remains intact. The expected dip is temporary, and a break above $2,635.00 would halt the bearish wave, signaling a return to the primary bullish trend.
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The expected trading range for today is between $2,600.00 support and $2,630.00 resistance.
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Trend Forecast: Bearish for the rest of the day
