Gold Price Forms Bearish Pattern, Anticipates Downward Momentum

by Jennifer

Gold price has encountered resistance at the 1945.20 level, failing to secure a breakthrough and subsequently initiating a bearish retracement. This downward movement has culminated in a breach of the 1938.50 support, establishing an anticipated negative outlook for the upcoming trading sessions. Notably, the completion of a double top pattern further accentuates the bearish sentiment, with initial targets at 1929.00. Breaking below this level may expose the price to 1913.15 as a subsequent key target.

Consequently, the prevailing bias for today leans towards a bearish stance. It is crucial to keep in mind that a successful breach of the 1945.20 resistance level could potentially rekindle the bullish trend, with a target set at 1960.00 as the next significant milestone.

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Today’s projected trading range is expected to span between the support level at 1920.00 and the resistance at 1945.00, highlighting the potential for price fluctuations in the gold market.

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In summary, gold prices have developed a bearish outlook, prompted by the inability to breach the 1945.20 resistance, and accentuated by the formation of a double top pattern. Initial downside targets are set at 1929.00, with 1913.15 as the next major level. However, a breach of 1945.20 could reestablish a bullish trajectory, targeting 1960.00.

 

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