GOLD/ BEARISH SCENARIO

Gold prices jumped more than 1% on Thursday on short-covering after dipping to the lowest in a month earlier in the session, while the market awaited key U.S. data for further cues on the Federal Reserve’s policy trajectory.

Generally, the direction is a downtrend

Uptrend Side: to be a bullish trend, a break above the zone of 2640–2664, confirmed by a daily candle closing above this level, is required.

Downtrend Side: as long as the price trades below the zone of 2640–2664, the bearish trend will remain active toward 2606, which is the source of the bearish trend.

Tendency Keys: 2606