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Gold prices faced another bearish reversal after a brief period of positive movement yesterday. The metal has settled below its main bullish trend line, reinforcing the continuation of the bearish trend for the near term. The next target for gold is $2,600.00, and a break below this level could pave the way for a further decline towards the $2,515.00 zone.
The 50-day Exponential Moving Average (EMA50) supports the prevailing negative trend, adding further downside pressure. However, if gold breaches $2,646.00 and holds above this level, it could signal a reversal of the bearish scenario and initiate a new phase of recovery.
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Expected trading range for today: $2,605.00 (support) – $2,640.00 (resistance)
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Trend forecast: Bearish
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