The gold price concluded last Friday at the $2166.50 level and persisted in attempts to breach it, while technical indicators are showing positive signals that could aid in driving the price towards recovery and a potential resumption of the bullish trend.
Given the conflicting technical factors, we opt to remain on the sidelines until the price confirms its stance relative to the $2166.50 level, allowing for a clearer determination of its next direction. It's worth noting that consolidating above this level would likely sustain the primary bullish trend, targeting the $2222.86 level next. Conversely, a confirmed break below it may trigger further bearish correction, with the next target at $2131.70.
Expected Trend
Today's expected trading range spans from the support level at 2150.00 to the resistance level at 2185.00.
The expected trend for today is neutral.
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