The gold market has been locked in a narrow trading range since yesterday, with prices hovering closely around the EMA50. This persistent consolidation sustains the bearish trend scenario without any significant alteration, primarily targeting the 1962.35 level.
Crucially, holding below the 1993.00 level is vital to maintain the expected decline. A breach of this level would represent a positive development and potentially usher in a recovery, with the initial target being the recently recorded high at 2009.30.
For today’s trading activities, market analysts project a trading range between 1965.00 as support and 2000.00 as resistance, reaffirming the prevailing bearish sentiment in the gold market.
In summary, gold prices continue to experience a period of tight consolidation, with the focus on the bearish trend targeting 1962.35. Traders should closely monitor price dynamics, with particular attention to the crucial support and resistance levels that may influence the market’s direction.
