Gold Price Initiates Bearish Move

Gold prices have commenced the day with a bearish bias, indicating the potential for a resumption of the anticipated bearish trend in the short term. The primary target for this bearish movement is set at 1962.35.

Stochastic signals are negative, providing support for the continuation of the bearish trend. Breaking below 1983.55 would facilitate the achievement of the suggested target. However, if the price manages to breach 2000.00, this would disrupt the bearish scenario and could prompt an attempt to reestablish the primary bullish trend.

The expected trading range for the day is likely to fluctuate between support at 1965.00 and resistance at 2000.00.

Today’s expected trend: Bearish