The (Gold) price declined in its last intraday trading amid fluctuated trading, where it reached our previous target at $3,250 support level in the beginning of this week, this decline let the price gain some positive momentum, which assisted it to rebound higher and shrink big part of its early losses.
This rebound reinforces the beginning of forming positive divergence on the (RSI), with the emergence of the positive signals, however the overall technical overview remains affected by the negative pressure, amid the continuation of the bearish correctional trend dominance on the short-term basis, which moves alongside a bearish bias line.
Therefore, our expectations suggest a rise on the (Gold) prices in the upcoming intraday trading, conditioned by the stability of the support at $3,250, to target retesting the main resistance at $3,300.
The expected trading range is between $3,220 support and $3,320 resistance.
Today’s forecast: Bullish