The price of gold continues to exhibit a pronounced bearish bias, marked by its ability to surpass the Exponential Moving Average 50 (EMA50) and the completion of a double top pattern, as evident on the price chart. These developments lend credence to the expectations of an ongoing correctional bearish scenario, with the initial target set at 1962.35. It is important to note that breaching this level could pave the way for further losses, with the next negative station situated at 1933.30.
The pivotal factor to maintain the anticipated decline is holding the price below 1988.00. A breach of this level, however, would represent a positive development that might signal the initiation of recovery attempts, potentially steering the price back into the primary bullish trend.
For the current trading day, the projected trading range is expected to fluctuate between the support at 1956.00 and the resistance at 1985.00.
In light of the prevailing market dynamics, the prevailing trend for today leans toward a bearish sentiment.
