Gold prices have faced substantial resistance at the 1945.20 level, failing to breach it. Consequently, the precious metal has succumbed to negative pressure, embarking on a path that is expected to test the initial support at 1929.00. It’s worth noting that a successful break below this level could further propel gold towards the 1913.15 mark.
Anticipations suggest a continuation of bearish sentiment in the forthcoming trading sessions. Breaking the 1937.00 level would expedite the realization of the projected downside targets. However, it’s crucial to acknowledge that breaching the resistance at 1945.20 could trigger a recovery, potentially propelling gold to new gains with an eye on the 1960.00 level.
The expected trading range for today is bounded by support at 1925.00 and resistance at 1950.00.
Today’s predominant trend is expected to be bearish.
