Gold Price Initiates Bearish Correction, Breaking Bullish Channel

by Jennifer

The price of gold has officially breached the support line of the bullish channel, concluding the latest session below this threshold. This marks the initiation of a bearish correction following the upward trajectory that commenced from the 1810.33 levels, with the next correctional target set at 1977.46. It’s important to note that surpassing this level could drive the price to the 1938.00 areas as the subsequent negative station.

Anticipated in the upcoming sessions is a further decline, buoyed by the negative pressure exerted by the EMA50. It’s worth highlighting that a breakthrough of the 2016.90 level, followed by 2027.50, has the potential to halt the negative scenario, steering the price back towards the primary bullish track.


The expected trading range for today spans between the support at 1977.00 and resistance at 2015.00.


Projected Trend for Today: Bearish

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