New York, NY, September 28, 2023 (GLOBE NEWSWIRE) – In the midday update for gold, the precious metal has been exhibiting a sideways and tight trading range since the morning session. Gold is currently hovering around the $1873.50 mark. This price action reaffirms the anticipated bearish trend scenario for today.
The bearish outlook suggests that gold’s price targets are initiated by a break below the aforementioned level, which would confirm a decline towards $1860.00, followed by $1845.00. Traders should pay close attention to the critical resistance level at $1885.00, as maintaining a position below this point is crucial to sustain the anticipated downward movement.
For today’s trading, the projected trading range extends from the support level at $1855.00 to the resistance level at $1890.00. These levels serve as significant reference points for traders to assess potential price developments in the gold market.
To summarize, the midday update for gold underscores the consolidation of prices within a narrow range. The prevailing bearish trend remains in focus, contingent on a decisive break below the $1873.50 level.