In recent trading sessions, the price of gold experienced a downturn, coming within a few pips of the anticipated target at 2009.30. Subsequently, a bearish rebound was observed, suggesting a potential move towards the support line of the intraday bullish channel, presently identified at 1976.75.
This shift in momentum is supported by the stochastic indicator, indicating a decline in positive momentum. It is noteworthy that a breach of the aforementioned targeted level could extend the bearish trend, potentially reaching 1962.35. Conversely, surpassing the 2009.30 mark would negate the bearish outlook, paving the way for a resumption of the primary bullish trend.
Analysts are closely monitoring the situation, with the expected trading range for the day set between support at 1985.00 and resistance at 2015.00. The prevailing sentiment points towards a temporary bearish trend, with market participants keeping a watchful eye on key levels for potential trend reversals.
Investors and traders are advised to stay vigilant in response to evolving market conditions and to consider the broader economic factors influencing gold prices. The temporary bearish trend is subject to change based on upcoming market developments.
