Gold prices are currently positioned below the critical level of 1913.15, with the bearish head and shoulders pattern still exerting a negative influence on the market. This pattern suggests the potential for a renewed bearish wave, targeting levels of 1890.00, followed by 1873.50 as the next significant support levels.
The downward pressure, notably reinforced by the EMA50 indicator, further supports the anticipated decline in gold prices. It’s essential to closely monitor the price’s ability to break above 1913.15, followed by 1917.00, as such a move could halt the current bearish wave and pave the way for an attempt to establish a bullish trend on an intraday basis.
For today’s trading outlook, market analysts anticipate a trading range defined by the support level at 1890.00 and the resistance level at 1920.00.
The prevailing trend for today remains bearish, with market participants closely observing price dynamics and the potential for further downward movement in gold prices.
