Gold Price Experience Some Bearish Correction - Today's Forecast - 22 March 2024

The decline in the price of gold stopped precisely at the level of $2166.30, marking a correction from the upward movement measured between $1984.16 and $2222.86. Following this, there has been a bullish rebound indicating a potential resumption of the primary uptrend, with targets set at $2222.86 and $2239.00 as the next significant levels.

Hence, today's bias leans towards a bullish outlook, further supported by positive momentum observed in the stochastic indicator. It's important to note that a break below $2166.30 could disrupt the anticipated upward movement, leading to additional bearish correction, with a potential target around $2131.70.

Expected Trend

Today's expected trading range spans from the support level at 2170.00 to the resistance level at 2210.00.

The expected trend for today is bullish.