The price of gold is currently hovering around the 2046.50 level, settling below it. The Exponential Moving Average (EMA50) is exerting continuous downward pressure on the price, signaling a potential resumption of the expected bearish trend on an intraday basis. It’s worth noting that the next target for the bearish wave is set at 2016.90.
Traders and investors should be aware that breaking the aforementioned target at 2016.90 could extend the correctional bearish wave further, aiming for 1977.45 as the next main target. However, if the price manages to breach the resistance level at 2065.70, it would invalidate the suggested negative scenario, potentially allowing the price to regain the main bullish trend.
The anticipated trading range for today is expected to be between the support level at 2020.00 and the resistance level at 2060.00. As of now, the overall trend for the day is expected to be bearish. Investors are advised to closely monitor the price movements and key support/resistance levels for informed decision-making.
