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Gold prices have reversed their recent gains, establishing a new lower high that reinforces predictions of a continued decline in the near term. Analysts forecast that gold may next target the $2,483.40 level.
Given this trend, the bearish outlook remains prevalent for the near future. A break below the $2,504.50 mark would facilitate movement towards the anticipated target. Conversely, if prices surpass $2,526.00, it could negate the current negative trend and potentially shift the market back to a bullish phase.
Today’s expected trading range for gold is between the support level of $2,490.00 and the resistance level of $2,526.00.
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