Gold Price Attempts To Bounce Back – Today's Forecast - 19 March 2024

The price of gold is displaying positive trading activity, nearing a test of the significant resistance level, currently at 2166.75. However, there is a decrease in positive momentum indicated by stochastic loss, which may impede further gains. This situation maintains the price within the range defined by the mentioned resistance and support levels, namely 2166.75 and 2145.35 respectively, thus reinforcing our neutral stance until the price breaks one of these levels.

It's important to note that surpassing the resistance level would signal a continuation of the primary bullish trend, with potential gains initially targeting the 2200.00 zone. Conversely, breaching the support level would initiate additional bearish correction, with the next target situated at 2114.55.

Expected Trend

Today's expected trading range spans from the support level at 2145.00 to the resistance level at 2180.00.

The expected trend for today is Neutral.