The price of gold has experienced a bearish rebound after reaching the 2065.70 level in recent sessions, subsequently settling below the EMA50. This maintains the active bearish trend on an intraday basis, with an anticipation of testing the initial support at 2016.90. A breach of this level could extend the corrective bearish wave, targeting the subsequent support at 1977.46.
The current scenario suggests a continued decline in the upcoming sessions, with a note that surpassing the resistance at 2065.70 would halt the bearish momentum and potentially lead to attempts to resume the overall bullish trajectory.
The projected trading range for today is expected to oscillate between the support level at 2015.00 and the resistance level at 2055.00.
In summary, the prevailing trend for today is anticipated to be bearish, contingent on the ability to maintain the bearish momentum below the resistance level at 2065.70.
