In a continuation of its recent trajectory, the price of gold underwent an additional descent during the prior trading session, settling at the level of 1885.00. This decline further solidifies the prevailing outlook of a sustained bearish trend, with the subsequent target for this downtrend set at 1873.50.
Of significance is the adherence of this bearish movement to a defined channel, actively guiding the downward momentum. This trajectory receives ongoing reinforcement from the Exponential Moving Average with a 50-day period (EMA50). It is noteworthy that a decisive breach beyond the psychological threshold of 1900.00 would prompt the initiation of a testing phase against the prominent resistance landmark at 1913.15, prior to any prospective endeavor towards renewed decline.
Anticipations for the present trading interval outline a projected range spanning between the support bastion at 1873.50 and the opposing resistance barrier at 1905.00. The prevailing trend sentiment for today remains bearish, underscoring the persisting inclination towards the downward movement of gold’s valuation.
