The current trajectory of gold prices reveals a subtle inclination towards a bearish stance, gradually edging towards the 2016.90 level while confined within a minor bearish channel. This channel suggests the potential continuation of the bearish trend on an intraday basis, with anticipation focused on breaching the mentioned level to confirm an extension of the correctional bearish wave towards 1977.46.
The persistence of the bearish scenario remains intact and operative for the foreseeable future, buoyed by the downward pressure exerted by the EMA50. It is noteworthy that a breach of the 2065.70 level would act as a pivotal point, arresting the anticipated decline and paving the way for the resumption of the primary bullish trend.
In terms of today’s anticipated trading range, support is expected to hold at 2010.00, while resistance is projected at 2045.00.
The prevailing trend outlook for today leans towards a bearish sentiment, underscoring the current trajectory of gold prices. Traders and investors are advised to remain vigilant to potential breakthroughs that could alter the prevailing trend dynamics.
