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Gold prices initially rose but faced resistance near the $2,750.00 barrier, prompting a bearish bias that has seen prices decline to the $2,722.00 level. The formation of a lower high suggests that bearish correction may dominate in the upcoming sessions. A break below the $2,722.00 level would confirm a move toward the next correction target of $2,700.00.
Analysts anticipate negative trading today, supported by visible stochastic negativity. However, if gold prices breach the $2,747.00 resistance, it would halt the current bearish trend and allow for a resumption of the main bullish trajectory.
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The expected trading range for today is set between a support level of $2,710.00 and a resistance level of $2,747.00.
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Trend Forecast: Bearish
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