Gold prices have decisively broken below the 1913.15 support level, confirmed by yesterday’s closing below this critical threshold. Today, the precious metal initiates a new decline, with its sights set on achieving negative targets, beginning at 1890.00. It’s noteworthy that the chart displays a head and shoulders pattern, indicating additional downside potential, with targets extending to 1873.50.
Traders are thus advised to anticipate further declines in the upcoming sessions. However, it’s essential to remain vigilant, as a breach of 1913.15, followed by a move above 1916.80, would negate the current bearish scenario and potentially lead to intraday recovery attempts.
For today, the expected trading range spans between support at 1875.00 and resistance at 1920.00.
The prevailing trend leans bearish for today, making selling opportunities more favorable in line with this outlook.
