Gold prices have once again resumed their downward trajectory, unmistakably approaching the long-anticipated target level at 1913.15. The path appears clear for a continued descent, with additional bearish objectives on the horizon, eventually targeting the 1890.00 region upon surpassing the aforementioned threshold.
Consequently, the bearish outlook remains intact for the forthcoming period, bolstered by the persistent negative pressure emanating from the EMA50. However, it is important to be vigilant, as a breach of the 1929.00 level could halt the expected decline and prompt the price to make intraday recovery attempts.
Today’s projected trading range spans from the support at 1900.00 to the resistance at 1930.00, delineating the critical price levels that traders should closely monitor.
The prevailing sentiment for the day leans bearish, provided the crucial level at 1929.00 remains unbreached.
