In early trading in the European market on Monday, spot gold maintained its intraday decline. As the price of gold fell below the important level of 1,983.55 US dollars per ounce, gold may suffer a larger correction. Gold prices showed a bearish trend after starting today's trading and resumed the intraday bearish trend, with the main target targeting $1962.35 per ounce. From the 4-hour chart, the stochastic indicator sends a negative signal, which supports the continued bearish trend of gold prices. A break below $1,983.55 per ounce would help drive gold to the aforementioned target; on the other hand, a break above $2,000.00 per ounce would put an end to the bearish scenario and push gold prices to attempt to return to the main bullish trend.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.