Gold Price Analysis
The price of gold recently tested the $2340.10 level and maintained its stability below this point, reinforcing a corrective bearish trend that is likely to persist in the near future. Analysts anticipate that gold will continue to trend downwards, with expectations set on reaching the 38.2% Fibonacci correction level at $2272.06.
A breakthrough below the $2318.00 mark is seen as crucial in facilitating the anticipated decline, while surpassing the $2340.10 level would signal a potential return to a bullish trajectory, with targets set towards establishing a new bullish wave aiming for $2400.00.
Expected Trading Range
Market forecasts indicate a trading range with support at $2300.00 and resistance at $2340.00 for the immediate trading sessions.
Trend Forecast: Bearish
Analysts maintain a bearish outlook on the trend of gold prices in the upcoming period.
