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Gold prices are currently trading below the $2,410.90 mark, which corresponds to the 38.2% Fibonacci retracement level of the rally that began from $2,293.60. This positioning suggests a continuation of the bearish correction, with immediate support targets set at $2,390.00 and $2,366.10.
The positive reading on the stochastic indicator highlights the reasons behind the current sideways movement. However, this anticipated decline is expected to be brief, with forecasts indicating a potential resumption of the primary upward trend. A break above $2,438.60 would invalidate the current negative outlook, potentially leading to new record highs.
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For today, trading is expected to range between $2,390.00 on the downside and $2,425.00 on the upside.
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