Supported by bullish signals from the stochastic oscillator, spot gold edged cautiously higher in early trading today, attempting to recoup part of its earlier losses. It should be noted, however, that the indicator has entered a prominent overbought zone, suggesting bullish momentum may fade and raising the risk that the market could face renewed downward pressure, erASIng gains from this rebound.

Gold is currently trading below the 50-day exponential moving average (EMA50), remaining under peRSIstent pressure. This moving average acts as dynamic resistance and reinforces the dominance of the short-term bearish trend. In particular, gold is moving along a downtrend line, which underpins the market’s current downward trajectory.

Expected support at $4150.00 and resistance at $4250.00

Trading strategy: Mildly bullish

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