Gold prices have successfully reached our anticipated target at 1962.35 and are currently positioned in close proximity to it. It’s worth noting that the price has completed the formation of a double top pattern, indicating the emergence of negative pressure. This pressure is expected to lead to a breach of the mentioned level and open the way for further bearish correction in the upcoming trading sessions, with the next target located at 1933.30.
The technical indicators are providing negative signals, reinforcing the prospect of a continued decline. This bearish outlook remains in effect as long as the price maintains its position below 1975.25.
The expected trading range for today is anticipated to fluctuate between support at 1950.00 and resistance at 1980.00.
In summary, the prevailing trend for today is expected to be bearish, with gold prices having reached the target and signaling potential for further corrections.
