Gold prices commenced today’s trading session with a notable decline, breaching the support level at $2325.90 and subsequently settling below it. This downward movement indicates the potential for further bearish correction on an intraday basis, with the subsequent target positioned at $2260.60.
Forecasts point towards a continuation of the downward trajectory in the forthcoming sessions, bolstered by the negative pressure exerted by the EMA50 indicator. However, a decisive breach above the $2325.90 threshold could alleviate the downward pressure and prompt the price to make an effort towards reclaiming the primary bullish trend.
Expected Trading Range:
The anticipated trading range for gold is anticipated to oscillate between the support level at $2275.00 and the resistance level at $2335.00.
Trend Forecast: Bearish
Overall, the trend forecast for gold leans towards a bearish sentiment, with prevailing indications suggesting a potential for further downside movement in the immediate future.
