Gold Price Analysis

Expected Scenario

Gold price begins today with clear negativity after touching 2330.00$ level, to head towards potential test to the key support base that rises now to 2270.00$, affected by stochastic negativity, noting that the expected decline is temporary, waiting to resume the main bullish trend, which its next target reaches 2364.00$. Therefore, the overall bullish trend still valid and active, supported by the EMA50, noting that breaking 2270.00$ followed by 2242.00$ levels will stop the expected rise and push the price to start bearish correction on the intraday basis.

Expected Outcome

Gold price is experiencing a temporary decline after touching the 2330.00$ level, heading towards the key support at 2270.00$. This decline is expected to be temporary, with the overall bullish trend remaining valid and supported by the EMA50. The next target for the bullish trend is at 2364.00$. Breaking below 2270.00$ followed by 2242.00$ levels would signal the start of a bearish correction on the intraday basis.

Expected Trading Range

Between 2295.00$ support and 2335.00$ resistance.

Trend Forecast: Bullish