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Gold prices peaked at $2526.90 but have since formed a lower high and started to decline as of today’s open. This development indicates a potential bearish trend, with initial support anticipated at $2483.40. A drop below this level could lead to further declines, potentially reaching $2435.00.
A bearish outlook is expected for today; however, if the price surpasses $2526.00, the current negative scenario may be negated, and gold could resume its upward trajectory.
The anticipated trading range for today is between the support level of $2485.00 and the resistance level of $2525.00.
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How to Trade in MCX Gold Futures?