Gold price has encountered resistance at the 1945.20 level, failing to secure a breakthrough and subsequently initiating a bearish retracement. This downward movement has culminated in a breach of the 1938.50 support, establishing an anticipated negative outlook for the upcoming trading sessions. Notably, the completion of a double top pattern further accentuates the bearish sentiment, with initial targets at 1929.00. Breaking below this level may expose the price to 1913.15 as a subsequent key target.
Consequently, the prevailing bias for today leans towards a bearish stance. It is crucial to keep in mind that a successful breach of the 1945.20 resistance level could potentially rekindle the bullish trend, with a target set at 1960.00 as the next significant milestone.
Today’s projected trading range is expected to span between the support level at 1920.00 and the resistance at 1945.00, highlighting the potential for price fluctuations in the gold market.
In summary, gold prices have developed a bearish outlook, prompted by the inability to breach the 1945.20 resistance, and accentuated by the formation of a double top pattern. Initial downside targets are set at 1929.00, with 1913.15 as the next major level. However, a breach of 1945.20 could reestablish a bullish trajectory, targeting 1960.00.
