In recent analysis, gold prices have exhibited a bearish bounce subsequent to testing the breached support level of the bullish channel as depicted on the chart. The current market stance positions the price in proximity to the critical support level of $2325.90, suggesting a potential resumption of the bearish correction.
Should the price successfully breach the aforementioned support level, it is anticipated to pave the way for a downward trajectory towards the next correctional target at $2260.60. It is imperative to note that the prevailing negative pressure is further reinforced by the presence of the EMA50.
However, the scenario may alter if the price manages to breach the resistance level at $2360.50, which could halt the anticipated decline and potentially steer the price back towards the primary bullish trend.
Expected Trading Range:
- Support: $2305.00
- Resistance: $2340.00
Trend Forecast: Bearish
