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Gold price suffers more losses – Forecast today - 07-11-2024
Gold price declined sharply yesterday to surpass the new suggested target at 2675.00$ and reach 2647.70$ areas, and the way seems open to suffer more losses in the upcoming sessions, to head towards visiting 2600.00$ barrier as a next negative station.
Therefore, we expect to witness more decline on the intraday and short-term basis, noting that breaching 2696.85$ followed by 2718.80$ levels will stop the current negative pressure and lead the price to return to the bullish channel again followed by resuming the main bullish trend.
The expected trading range for today is between 2630.00$ support and 2675.00$ resistance.
Trend forecast: Bearish
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The USDCAD price declines again – Forecast today - 07-11-2024
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