Gold price has settled below the $2,410.90 level, marking the 38.2% Fibonacci correction level for the rise that started from the $2,293.60 area. This suggests a continuation of the bearish correction, with the next targets at $2,390.00 and $2,366.10.
The current sideways movement can be attributed to stochastic positivity, indicating that the expected decline is temporary before the main bullish trend resumes. However, if the price breaches $2,438.60, it will invalidate the current negative scenario and potentially lead to new historical highs.
Expected Trend
The expected trading range for today is between the $2,390.00 support and the $2,425.00 resistance.
Trend forecast: Bearish