Gold prices have broken below the key level of 1945.20 and closed below it in yesterday’s trading, signaling a reversal and setting the stage for further correctional decline. The price is expected to target the next main levels at 1929.00 and 1913.15.
The downward trend is likely to continue in the intraday levels, with the formation of a Double Top pattern, adding further pressure on the price and potentially driving it towards 1905.00. However, it’s important to highlight that if the price manages to breach 1945.20, it may halt the negative pressure and pave the way for a potential recovery.
For today’s trading, the expected range is between the support level of 1915.00 and the resistance level of 1945.00. Market participants are closely monitoring the price action and key levels to assess the direction of gold prices in the near term.
