Gold prices are experiencing a downward trend as trading opens today, moving away from the $2,500 mark. This development reinforces expectations of a continued bearish bias on an intraday basis. The immediate focus is on testing the $2,483.40 level, which serves as the initial major target. A breach of this level could lead to further declines, with the next key support seen around $2,442.50.
The current dip below the 50-day exponential moving average (EMA50) suggests that the bearish wave is likely to persist. Conversely, if prices rise above $2,506.00, it may signal a resumption of the primary bullish trend, with potential gains starting at $2,540.00.
For today, gold is expected to trade within a range of $2,475.00 to $2,510.00.
Trend Forecast: Bearish
