Gold prices are testing the key resistance level at $2746.00 but have remained stable below this threshold. Negative signals from the stochastic indicator suggest that gold may resume its expected correctional bearish trend, with initial targets set at $2718.80, followed by $2696.85.
The 50-period Exponential Moving Average (EMA50) is exerting downward pressure, reinforcing the outlook for continued bearish movement. This trend will remain valid unless the price breaks above $2746.00 and sustains above it. A breach of this resistance could shift the market back to a bullish trajectory, with the potential to revisit the historical high of $2789.90.
The expected trading range for today is between support at $2710.00 and resistance at $2765.00.
Market Trend Forecast: Bearish
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