The price of gold has exhibited a persistent decline, eventually reaching a significant support level established at 1923.00. This level corresponds to the previously breached neckline of a double bottom pattern visible on the price chart. The existence of this support acts as a formidable obstacle to further downside attempts.
It’s essential to acknowledge that the negative influence of the previously completed double top pattern remains in play, bolstering the prospects of a sustained descent, with the primary target being the breach of the aforementioned support, leading to a potential move towards our subsequent key target at 1913.15.
Hence, our outlook maintains a bearish bias for the foreseeable future. However, it is pertinent to note that a breach of the 1929.00 level could signal the initiation of recovery efforts, potentially resulting in intraday gains, initially reaching 1945.20.
Today’s projected trading range is expected to fluctuate between the support at 1913.00 and the resistance at 1940.00.
In summary, the prevailing trend for today leans bearish, with the potential for further downward movement in gold prices, contingent on key support levels remaining intact.