Today, gold prices commenced on a sharply negative note, surpassing initial forecasts by dropping below the anticipated threshold of $2390.00 to settle at $2366.10. A detailed analysis of the price chart reveals the completion of a bearish pattern, suggesting an imminent breach of the primary bullish trend line and signaling a potential correction in the intraday and short-term periods. Analysts anticipate this development could drive prices further down, potentially targeting $2325.65 in the near term.
Market experts caution that a decisive break below current levels is likely to solidify bearish sentiment, setting the stage for extended declines in upcoming sessions. However, they underscore that a rebound beyond resistance levels at $2390.00 and subsequently at $2410.90 would mitigate prevailing downward pressures, potentially reinstating bullish momentum.
In light of these developments, today’s projected trading range is expected to fluctuate between support at $2350.00 and resistance at $2390.00, reflecting ongoing volatility and market uncertainty surrounding gold prices.
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