Gold prices closed last Friday on a negative note, settling below the critical resistance line of the main bullish channel. This shift suggests the potential for intraday bearish corrections in the coming sessions, with a primary target of testing the $2,614.00 level.
As a result, a bearish bias is anticipated for today’s trading. If prices break below the $2,614.00 and $2,604.00 levels, it could lead to further losses, targeting subsequent levels at $2,579.00 and $2,555.00. Conversely, if prices breach the $2,666.00 mark, it would signal a resumption of the bullish trend, potentially allowing prices to reach $2,700.00.
The expected trading range for today is set between a support level of $2,630.00 and a resistance level of $2,670.00.
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