The price of gold has encountered robust resistance, displaying a pronounced bearish bias by descending below the critical level of 2045.00. This descent reinforces the likelihood of a sustained intraday bearish trend, with an anticipated examination of the 2016.90 support level before a potential upward reversal.
The overall bullish trend remains viable unless a breach of the 2016.90 level occurs, coupled with a sustained position below it. It is noteworthy that the stochastic indicator exhibits positive momentum, providing support for the anticipation of a resumption in the expected bullish wave for the current session. The primary objective of this positive momentum is to test the 2065.70 level once again. However, caution is advised, as a continued decline and a breach of the 2016.90 support level could lead to further losses, potentially extending down to 1977.46.
The projected trading range for the present session is anticipated to oscillate between the support at 2020.00 and the resistance at 2055.00. Investors and traders are advised to closely monitor these levels for potential shifts in market dynamics.
In summary, the overall trend for today is deemed bullish, contingent upon the ability to maintain levels above 2016.90. Vigilance is crucial, and market participants should remain attuned to potential developments that may impact the trajectory of gold prices in the near term.
