Market Analysis for Today

The daily chart of gold indicates that the bearish corrective decline may continue, especially if the currency pair breaches below the bullish 20 Simple Moving Average (SMA), which provides dynamic support around $2,879.95. The 100-day and 200-day moving averages continue to trend lower but remain elevated, limiting the likelihood of a sustained bearish move. Lastly, technical indicators are almost vertically downward, reflecting the strength of sellers, yet they remain above the neutral line, suggesting that the decline is merely a temporary correction.

Gold opened at 2914 and has fluctuated with a high near 2922 and a low close to 2913 as of press time. Keep an eye on the resistance levels at 2940-2950-2960. If these levels are not breached, a test of the support zones at 2900-2890-2880 will likely occur.