Gold Price Analysis
The price of gold experienced a downturn in trading activity yesterday, resulting in a test of the $2300.00 barrier. There is anticipation for further decline, with the next target identified at the 38.2% Fibonacci correction level, situated at $2272.06. This level marks the focal point of the current bearish wave. It’s crucial to highlight that breaching this level would extend the bearish momentum, potentially leading to a downturn towards $2217.10 as the subsequent negative milestone. However, a breach of $2340.10 would signal an end to the anticipated bearish trend, pivoting the price back towards the primary bullish trajectory. In such a scenario, the price is expected to embark on a journey towards achieving gains, with initial targets set at $2386.60 and extending to $2416.30.
Expected Trading Range
The expected trading range spans between the support level at $2280.00 and resistance at $2320.00.
Trend Forecast: Bearish
Considering the prevailing market conditions and the ongoing downward movement, a bearish trend is forecasted for gold prices.
