Gold prices have shown some positive movement, nearing the key resistance level of $2640.00. However, technical indicators reveal a shift in momentum, with the stochastic oscillator showing signs of being overbought. This may signal a potential reversal, prompting the price to move lower.
The next support level lies at $2600.00, and if the price breaks below this threshold, it could continue its decline, targeting the $2555.00 mark as the next key downside objective.
The bearish trend remains intact for now, with the outlook remaining negative unless the price breaches the $2640.00 resistance level. A breakout above this point would likely confirm a bullish reversal, pushing prices toward the $2700.00 range.
For today, the expected trading range is between support at $2610.00 and resistance at $2650.00.
Trend Forecast: Bearish
Related topics: