Gold prices are currently hovering around the $1977.46 level, anticipating a potential break to the downside. The market awaits a negative catalyst that could lead to a breach of this level, paving the way for a correctional target at $1938.00.
The EMA50 (Exponential Moving Average) is exerting consistent downward pressure on the price, reinforcing expectations for a continuation of the bearish trend. It is crucial to monitor a potential breach of the $1990.00 level, as such a move might trigger intraday gains and a test of the key resistance at $2016.90 before any renewed downward attempts.
Traders should be watchful of the $1960.00 support level and the $1990.00 resistance level as key markers for potential price movements.
Expected Trading Range: $1960.00 (Support) – $1990.00 (Resistance)
Expected Trend: Bearish
