Gold resumes its bearish trend and focuses on whether it can effectively break through $2065!

According to the spot gold market dynamics on Thursday (January 4), the price of gold has shown a slight rebound after yesterday's sharp decline, and the current price is around $2046/ounce. Technical analysis shows that the outlook for gold prices remains bearish after failing to effectively overcome the key resistance level of $2065.70/ounce.

Spot gold closed down 0.85 per cent at $2041.39 an ounce on Wednesday on the back of the dollar's strength. The price of gold failed to hold the $2046.50 mark yesterday, further strengthening expectations that the gold market may continue to be bearish in the short term. Technical indicators suggest that the next bearish target for gold prices is $2016.90 an ounce.

Gold prices are currently testing the resistance line formed by this level after falling below $2046.50/oz. While stochastic indicators are sending positive signals, the 50-period exponential moving average (EMA) is putting negative pressure on gold prices, supporting expectations that gold prices will return to bearish movement.

Overall, unless gold can break through and stabilize at $2065.70/oz and close above that level, we expect gold to remain in a bearish trend for some time to come.

The trading range of today's gold price is expected to be between the support level 2020.00 USD/oz and the resistance level 2060.00 USD/oz. Based on current market movements and relevant technical analysis, we are bearish on the expected trend of today's gold price.