Gold prices faced a notable setback as they struggled to surpass the crucial level of $1945.20. Instead, the precious metal experienced a sharp downturn, breaching the $1929.00 mark and subsequently settling below it. This reversal has curtailed the positive impact initially anticipated from the inverted head and shoulders’ pattern, subjecting the price to negative pressures in the upcoming trading sessions. The immediate target for gold is the $1913.15 level.
Additionally, Stochastic indicators are signaling negativity, further reinforcing expectations of a continued decline in today’s trading. This prevailing bearish sentiment is expected to persist unless the price manages to breach the $1929.00 threshold and maintain a position above it once more.
The projected trading range for the day is anticipated to fall within the support level of $1910.00 and the resistance level of $1940.00.
Market analysts suggest that the overall trend for the day remains bearish, reflecting the current sentiment in the gold market.
