The trajectory of gold prices has taken a bearish turn as it confirms a breach below the critical 2037.50 level, reinstating its position within the intraday bearish channel. This development signals a reactivation of the bearish trend scenario on an intraday basis, with an initial target set at 2016.90. Further, a break below this level is anticipated to confirm an extension of the correctional bearish wave, targeting 1977.46 as the next significant support level.
The bearish sentiment is bolstered by the price’s position below the EMA50, indicating a potential for continued decline in the upcoming sessions. It is noteworthy that a breach above 2040.00 has the potential to disrupt the negative scenario, redirecting the price to test 2065.70 initially.
Today’s expected trading range is projected to fluctuate between the support at 2000.00 and resistance at 2035.00, reflecting the ongoing volatility in the gold market.
The overall trend for today is deemed bearish, cautioning traders to closely monitor key support and resistance levels as gold prices navigate this bearish phase. The potential for further declines remains a focal point, with a breach of support levels marking pivotal moments in the current market dynamics.
