The price of gold concluded the previous session below the crucial level of $2046.50, solidifying expectations for the continuation of the bearish trend on an intraday basis. The next downside target is set at $2016.90, indicating a potential further decline.
The current market situation sees the price testing the resistance line, previously breached and now at $2046.50. This move is influenced by stochastic positivity. However, the negative pressure from the EMA50 (Exponential Moving Average) supports the likelihood of a resumption in the suggested bearish wave.
In a broader context, the anticipation is for the bearish trend to persist in the coming period unless a rally in the price manages to breach the resistance at $2065.70 and successfully holds with a daily close above this level.
The projected trading range for the current session is expected to fluctuate between support at $2020.00 and resistance at $2060.00.
Anticipated Trend for Today: Bearish
