Gold price is stabilizing above the $2340.10 level, while the EMA50 continues to exert negative pressure. The stochastic indicator has lost its positive momentum and is now starting to overlap negatively. This is expected to motivate the price to resume its downward trend and break the neckline of the head and shoulders pattern at $2318.50. Following this, a bearish correction is anticipated, with targets starting at $2272.06 and extending to $2217.10.
Therefore, we maintain a bearish trend outlook for the upcoming period. However, it is important to note that breaching the $2360.00 level will halt the expected bearish correction and lead the price to resume its main bullish trend.
Expected Trading Range
- Support: $2320.00
- Resistance: $2360.00
Trend Forecast: Bearish