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Gold prices closed on a negative note last Friday, settling below the resistance line of the main bullish channel. This development suggests that the market may experience a bearish correction in the coming sessions, with the first target set at $2,614.
Analysts anticipate a bearish trend for today, highlighting that a break below the $2,614 and $2,604 levels could lead to further declines, pushing prices down to target $2,579, followed by $2,555. Conversely, if gold prices manage to breach the $2,666 mark, it could signal a resumption of the primary bullish trend, with potential gains reaching up to $2,700.
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The anticipated trading range for today is between a support level of $2,630 and a resistance level of $2,670.
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Trend Forecast: Bearish
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