Gold Prices Drop Below Key Support Level Amid Double Top Pattern

by Yuki

Gold prices closed yesterday at $2,635.06, marking a significant decline as the market reacted to the negative implications of a double top pattern. This movement suggests the potential for further downward pressure in the coming sessions, raising concerns about a possible breach of the critical support level at $2,603.87. If this level is broken, it could pave the way for prices to decline further towards the next correction target of $2,578.65.

In the short term, additional declines are anticipated. However, should gold prices reclaim the $2,635.06 level, it may halt the current bearish trend and allow for a possible rebound toward a bullish trajectory.

For today’s trading session, analysts expect a trading range between the support level at $2,590.00 and resistance at $2,635.00.

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