Gold price hovers around the resistance – Forecast today - 07-05-2024
Economies.com
2024-05-07 03:50AM UTC
Gold Price Analysis
Gold price settles at the 2325.90$ level, maintaining its stability below it for now. Clear negative signals are observed through stochastic indicators, indicating a potential resumption of the expected bearish trend on the intraday basis, with a target at 2260.60$ as the next main station.
It is important for the price to hold below 2325.90$ to sustain the expected decline. However, breaching this level will halt the correctional bearish scenario and may lead the price to attempt to regain the main bullish trend again.
Expected Trading Range for Today
- Support: 2295.00$
- Resistance: 2335.00$
Trend Forecast
Bearish
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