In the latest update for gold prices, the market has witnessed further negative trades, bringing the price closer to the anticipated target of 1809.35. This decline is attributed to consistent downward pressure, primarily driven by the EMA50. These developments reinforce the prevailing bearish bias in the market, increasing the likelihood of the price breaking below the mentioned target and proceeding towards 1765.20 as the next significant bearish objective.
Examining the stochastic indicator, it is evident that it has lost positive momentum, aligning with the suggested negative scenario. This scenario remains valid unless the price manages to breach the resistance level at 1838.35 while maintaining a position above it.
For today’s trading activity, market participants should be prepared for a projected trading range, extending from the support level at 1800.00 to the resistance level at 1838.00.
In summary, the latest update indicates that gold prices are on the verge of reaching their target as the bearish trend persists, with key price levels playing a crucial role in determining market direction.
