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Gold prices have opened today with negative trades, moving away from the $2500.00 barrier, reinforcing bearish expectations on an intraday basis. The immediate focus is on testing the $2483.40 level, which represents the first key target. A break below this level could lead to further declines, with a subsequent target at $2442.50.
The price’s movement below the EMA50 supports the continuation of the bearish trend. Conversely, if prices breach the $2506.00 mark, it could signal a shift back to the bullish track, potentially leading to gains and testing $2540.00.
Today’s expected trading range is between $2475.00 support and $2510.00 resistance.
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