Advertisements

Gold Price Analysis: Bearish Trend Anticipated as Support Levels Tested

by Daisy

Recent movements in the gold market suggest a bearish turn as prices rebounded downwards subsequent to testing the breached support level within the bullish channel depicted on the chart. With the price now exerting pressure on the critical support at $2325.90, indications point towards a resumption of the bearish correction.

Traders are advised to closely monitor the key support level at $2325.90, as a decisive break below this threshold would validate expectations of further downward movement. In such a scenario, the next correctional target lies at $2260.60, representing a significant level for potential downside movement.

Advertisements

It is noteworthy that the current negative sentiment is reinforced by the downward pressure exerted by the Exponential Moving Average (EMA50). However, it is essential to remain vigilant, as a breach of the resistance at $2360.50 could potentially stall the anticipated decline and signal a resurgence of the primary bullish trend.

Advertisements

Expected Trading Range:

Support: $2305.00
Resistance: $2340.00

Trend Forecast: Bearish

Traders should exercise caution and consider appropriate risk management strategies in light of the prevailing market conditions, as the gold price analysis indicates a bearish outlook in the near term.

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News