Gold Prices Face Downward Pressure as Key Support Level Tested

by Yuki

Gold prices are experiencing new negative trends, exerting pressure on the $2635.06 level. Analysts are closely monitoring this key support level, as a breakout below it could activate the bearish implications of a double top pattern visible on the chart. This pattern suggests a potential decline following the recent rally that began at the $2471.82 mark. The first target for this downward movement is set at $2603.87.

In light of this analysis, a bearish outlook is projected for the near future. However, traders should note that if the price breaches the $2662.00 level, it would negate the current negative momentum and likely initiate an attempt to regain the primary bullish trend.

Today’s expected trading range is projected between a support level of $2620.00 and a resistance level of $2655.00.

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