Gold prices opened today with significant downward momentum, surpassing our initial target of $2,390.00 and reaching the second target of $2,366.10. A detailed examination of the chart reveals that the price has completed the formation of a negative pattern. This development is anticipated to drive the price to break the main bullish trend line, initiating a bearish correction on both intraday and short-term bases. Should this break be confirmed, it is expected that the price will drop further to $2,325.65.
Given this scenario, we foresee continued declines in the upcoming sessions. However, if the price breaches the $2,390.00 and subsequently the $2,410.90 levels, it would halt the current negative pressure and likely resume the main bullish trend.
The expected trading range for today is between the support level of $2,350.00 and the resistance level of $2,390.00.
Trend Forecast: Bearish
