Gold Price Indicates Bearish Momentum

by Jennifer

The price of gold concluded the previous session below the 1962.35 level, signaling a return to the corrective bearish trajectory. This move followed a retest of the previously breached neckline of the double top pattern evident on the chart. The next anticipated move for gold is a descent towards the 1933.30 level.

The current outlook suggests a likelihood of negative trades in the upcoming sessions. It is noteworthy that breaching the 1962.35 level could prompt the price to attempt a recovery, targeting gains that commence with a test of 1975.00 and potentially extending to 2000.00 after surpassing the aforementioned level.

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The expected trading range for today is set between the support at 1940.00 and resistance at 1975.00.

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Anticipated Trend for Today: Bearish

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