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The gold price has exhibited negative trading in recent sessions, nearing the key support level of 2145.35. Upon closer examination of the chart, it appears that a double top pattern is forming, potentially triggering a bearish correction from the upward movement originating around the 1984.16 mark. However, despite this, technical indicators are showing positive signals that could impede further decline.
Given this conflicting information from technical factors, it's advisable to remain on the sidelines until a clearer signal for the next trend emerges. It's worth noting that a break below the 2145.35 support level would confirm the onset of a bearish correction, with an initial target of 2114.55. Conversely, breaching the 2170.40 resistance level would invalidate the suggested pattern and pave the way for new gains, starting at 2200.00.
Expected Trend
Today's expected trading range spans from the support level at 2135.00 to the resistance level at 2170.00.
The expected trend for today is Neutral.
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