In today’s analysis, the gold price continues its fluctuation within a narrow range, predominantly around the $2325.90 level since yesterday. This stability below the mentioned level sustains the validity of the bearish trend scenario, reinforced by the downward pressure exerted by the EMA50 indicator. Our next target remains at $2260.60, corresponding to the 38.2% Fibonacci correction level of the rise from $1984.16 to $2431.44.
However, it’s crucial to consider the potential for a reversal. A decisive breach above $2325.90, followed by the $2338.10 resistance level, would interrupt the anticipated decline and signal a return to the primary bullish trend.
For today’s trading range, we anticipate support near $2295.00 and resistance around $2335.00. Given the current dynamics, our trend forecast remains bearish, reflecting the prevailing downward pressure unless a significant breakout occurs above the resistance levels mentioned.
