Gold Prices Encounter Resistance, Anticipating Bearish Trend – March 6, 2024

by Jennifer

The price of gold faced substantial resistance at the historical pinnacle of 2144.60, displaying bearish rebound signals. The weak positive momentum and the inability to breach this resistance level suggest a potential downturn in the forthcoming sessions, with an initial focus on testing support at 2104.20, followed by 2081.25.

The prevailing bearish sentiment is reinforced by stochastic negativity, further indicating a potential decline. It is crucial to note that breaching the resistance at 2144.60 would negate the anticipated decline, potentially prompting the resumption of the primary bullish trend and ushering in new gains, with a target around 2165.00.


Hence, the expected trading range for the current session oscillates between the support level at 2105.00 and the resistance at 2140.00.


Projected Trend for Today: Bearish

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