The (Gold) rose in its last intraday trading, after holding above the key support at $3,225, that we mentioned in our previous reports, providing clear positive momentum that helped it to bounce higher and turn its early losses into intraday gains, supported by the emergence of positive signals on the (RSI) after reaching oversold levels.
Despite this intraday rebound, the precious metal remains moving within bearish correctional channel on the short-term basis, with the continuation of the negative pressure that comes from its stability below EMA50, which makes any potential rise face this technical obstacle.
Therefore, we suggest a decline in (Gold) price in its upcoming intraday trading, if it settles below $3,360, to target $3,225 level, and there are chances for the intraday bullish rebound, and it might retest the mentioned resistance.
The expected trading range is between $3,300 support and $3,360 resistance.
Today’s forecast: Bearish
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