The price of gold has approached the critical level of 2016.90, exhibiting a subtle bullish bias at today’s opening. This movement is influenced by stochastic positivity, with the precious metal navigating within a minor bearish channel as depicted on the chart. The market is in anticipation of a resumption of the bearish wave, contingent on a decisive breach of the aforementioned level. Such a breakthrough would pave the way for a descent towards the subsequent correctional target at 1977.46.
The prevailing sentiment suggests a continuation of the bearish trend in the upcoming period, driven by the negative pressure exerted by the EMA50. It is noteworthy that surpassing the resistance level at 2044.85 could instigate intraday gains, prompting a test of the crucial resistance at 2065.70 before any renewed attempts at a decline.
The projected trading range for the current session is anticipated to fluctuate between the support level of 2010.00 and the resistance level of 2040.00.
Today’s anticipated trend: Bearish
