Gold prices have recently confirmed a break below the crucial level of 2016.90, signifying the continued dominance of the corrective bearish trend in the short term. This development opens the path for a descent towards the next support at 1977.46. It is noteworthy that the EMA50 exerts negative pressure on the price, reinforcing the anticipation of the expected decline.
The established bearish channel remains instrumental in guiding the projected downward trajectory. Breaking through resistance levels at 2016.90 and subsequently at 2025.20 would alter this bearish scenario, leading to a potential recovery and targeting the 2065.70 areas once more.
Traders are advised to monitor key levels, with the anticipated trading range for today oscillating between support at 1990.00 and resistance at 2025.00. The overall trend for today is anticipated to be bearish, contingent on the prevailing technical factors.
