Gold prices continued their downward trajectory, approaching the anticipated target of $2,483.40. This morning, the market opened with noticeable negativity, suggesting a potential breach of this support level and further losses throughout the day. If the price breaks below $2,483.40, it could lead to a decline towards the $2,440.00 range.
The outlook remains bearish, with expected further declines in the coming sessions. This negative trend is supported by pressure from the 50-day Exponential Moving Average (EMA). However, should gold prices rise above $2,506.00, it could reverse the current downtrend and prompt a recovery.
Today’s anticipated trading range is between the support level of $2,470.00 and the resistance level of $2,505.00.
Trend Forecast: Bearish
