Gold prices demonstrate a slight bullish bias after reaching our initial target of $2390.00. However, the stochastic indicator is clearly losing positive momentum, and the EMA50 is exerting negative pressure on the price.
Consequently, we anticipate further declines in the upcoming sessions, with the next target being $2366.10. It is important to note that a break below $2390.00 will complete a negative pattern, potentially driving prices lower towards the $2300.00 barrier.
The bearish trend is expected to continue as long as the price remains below $2438.60.
Expected Trend
Today's expected trading range is between $2380.00 support and $2415.00 resistance.
Trend forecast: Bearish.
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