The price of gold has successfully reached the awaited target at 1977.46, marking the 50% Fibonacci correction level for the bullish wave observed on the chart. This movement is occurring amid downward pressure attributed to the EMA50, prompting considerations for a potential breach of this level and a subsequent move towards the next correctional station, estimated at 1938.00.
The ongoing bearish trend scenario is expected to persist in the upcoming period. It is crucial to note that a failure to secure the anticipated break may result in the price experiencing intraday gains. This prospective upturn could initiate with a test of 2016.90 before the next destination becomes evident.
As of today, the projected trading range is positioned between the support level at 1960.00 and the resistance level at 1995.00.
The overall outlook for today leans towards a bearish trend, subject to market dynamics. Traders and investors are advised to remain vigilant for potential shifts in the price action, especially if the 1977.46 level proves to be a pivotal point for market sentiment.
