Gold Prices Experience Decline, Shedding Recent Gains

The price of gold has seen a continuous decline, reaching its initial downside target at $2035.00. Analysts recommend maintaining a bearish stance, anticipating a test of the bullish channel’s support line around the $2000.00 barrier. This aligns with the expected bearish bias for the intraday period.

A crucial level to watch is the $2030.00 mark; a breach of this level would facilitate the achievement of the projected target. On the contrary, consolidation above this point could prompt a recovery attempt, with the potential for gains, initiating with a test of $2075.25.

For today’s trading, the anticipated range is set between the support at $2000.00 and resistance at $2050.00.

Today’s Expected Trend: Bearish