Gold prices experienced clear negativity in recent trading, leading to a test of the key support level at $1913.15. This decline has been driven by the influence of the EMA50, with indications of a negative formation that could potentially push the price further down if the mentioned support is breached.
Given this scenario, it is advisable to exercise caution and wait for further confirmation from the price action, particularly concerning the $1913.15 level. Breaking below this support level could expose the price to additional downward pressure, with potential targets at $1890.00 and $1875.00 being the next main stations. Conversely, consolidation above this level may signify a price recovery, with an initial target of $1945.20 in the short term.
The expected trading range for today is between $1900.00 as support and $1930.00 as resistance. The current market outlook is considered neutral until a clearer direction is established.
Gold prices have faced significant negative pressure recently, leading to a test of the key support level at $1913.15. This decline has been influenced by the presence of the EMA50, and signs of a negative formation have emerged. Traders should exercise caution and closely monitor price movements for confirmation. Breaking below $1913.15 could result in further downward pressure, targeting $1890.00 and $1875.00. On the other hand, consolidating above this support level may signal a potential price recovery, with an initial target of $1945.20 in the short term. The current market outlook is considered neutral until a clearer direction is established.