Gold price experienced a significant decline in the previous session, leading to the confirmation of the break below the support line of the bullish channel. This development has initiated a bearish correction for the previous rise that began from the 1810.35 levels, with the current target set at 1962.35. Breaking below this level could lead to further bearish corrections, potentially extending to 1933.30.
Consequently, the market maintains a bearish outlook for today, with a focus on breaching the 1976.70 level to facilitate the accomplishment of the projected targets. However, should the price succeed in breaching the 1993.00 level, it may interrupt the present bearish scenario, prompting potential attempts to regain the primary bullish trend.
For today’s trading, the expected range is poised to move between the support level at 1960.00 and the resistance level at 1993.00, indicative of the ongoing bearish sentiment.
Current Trend: Bearish
