Gold Price Receives New Negative Signal – June 28, 2024

by Jennifer

Gold prices have encountered resistance at the 50-day Exponential Moving Average (EMA50), halting their recent rise. Additionally, the stochastic indicator has lost its positive momentum and is beginning to show negative overlap, suggesting a potential continuation of the correctional bearish trend. The next target in this downward movement is $2272.06.

The bearish trend remains valid as long as gold prices stay below $2340.10. Breaching this level would halt the correctional bearish pressure and may signal an attempt to return to the primary bullish trend.


For today, the expected trading range for gold is between the support level of $2300.00 and the resistance level of $2340.00.


Trend Forecast: Bearish

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