Gold price has initiated new downward trades, moving away from the 1962.35 level. This reinforces the expectations of a continued bearish trend in the upcoming trading sessions, with the next correctional target anticipated at 1933.30.
The presence of a double top pattern adds to the negative sentiment surrounding the price of gold, further supported by the downward pressure exerted by the EMA50. It is important to note that breaching the 1962.35 level would halt the expected decline and potentially lead the price to make attempts to regain the main bullish trend.
For today’s trading session, the projected trading range is expected to fall between the support level at 1933.00 and the resistance level at 1962.00.
Overall, the expected trend for today remains bearish, reflecting a continuation of the downward movement in gold price as it resumes its decline.
