Unless this level is exceeded, there is still room for gold prices to fall
Economies.com wrote in the article that the price of gold rose further to test a key resistance of $ 1,556.70 per ounce. However, the Stochastic lost its positive momentum and entered the overbought zone, forming a negative factor. We are waiting for this factor to support the possibility of a renewed bearish trend in gold prices, with the next target at $ 1519.00 per ounce.
(Spot gold 4 hours chart)
Economies.com states that, therefore, it will remain bearish today. It should be pointed out that if the price of gold breaks above US $ 1,556.70 per ounce and stays above this level, this will stop the expected decline in the price of gold and push the price of gold back to the main bullish trend.
Economies.com predicts that the price of gold today will be between support at $ 1530.00 / ounce and resistance at $ 1560.00 / ounce.
Economies.com said that the expected trend in gold prices today is bearish.