The price of gold has successfully reached the anticipated target of 1933.30, aligning with the 38.2% Fibonacci correction level based on the upward movement from 1810.33 to 2009.30. The precious metal continues to face persistent downward pressure influenced by the EMA50, compounded by the impact of a previously completed double top pattern. These factors enhance the likelihood of further bearish correction, with the next target set at 1909.80.
Expectations point towards continued negative trading in the upcoming sessions. It’s crucial to note that a failure to breach the 1933.30 level might prompt the price to initiate a bullish wave, aiming to test 1962.35 primarily.
For today’s trading, the projected range is between support at 1915.00 and resistance at 1950.00.
Anticipated Trend for Today: Bearish
