Yesterday saw a notable uptrend in gold prices, culminating in a test of the $2325.90 level, a significant resistance point. The price remained stable below this level, coinciding with stochastic indicators reaching overbought territories. Additionally, the EMA50 converges with the resistance, reinforcing its significance.
Given these observations, we anticipate a continuation of the bearish trend in the upcoming sessions, with a target set at $2260.60. It's important to highlight that breaching the $2325.90 resistance could halt the expected decline, potentially signaling a resurgence of the main bullish trend.
Expected Trend
Today's expected trading range spans from the support level at 2290.00 to the resistance level at 2335.00.
The expected trend for today is bearish.
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