The price of gold (GOLD) has risen during its recent intraday trading, benefiting from the support level holding at $4,600, which was the last price target in our previous analyses, giving the price positive momentum that helped it achieve these gains. This rise aims to compensate for part of its previous losses, coinciding with its attempts to relieve the oversold condition on the relative strength indicators, especially with the positive signals coming from them.
Despite this, negative pressures remain due to the price trading below its simple moving average for the past 50 periods, which reinforces the dominance and stability of the bearish trend in the short term and limits the chances of a full recovery in the near future.
Based on the above, our expectations lean towards a decrease in the price of gold in its recent intraday trading, especially as long as the resistance level at $4,800 holds, aiming once again at the mentioned support level of $4,600.
The expected trading range for today is between the support of $4,600$ and the resistance level of $4,800.
Price expectations for today: bearish