The recent price action in gold suggests a continuation of the correctional bearish trend, as the precious metal closed below the critical level of $2340.10 yesterday. Analysts anticipate the next significant target to be the 38.2% Fibonacci correction level, situated at $2272.06.
Expectations for the upcoming sessions lean towards further decline, bolstered by negative pressure from the Exponential Moving Average (EMA) 50. However, a breach of the $2340.10 level could indicate a potential reversal, with an attempt to reclaim the primary bullish trend.
Expected Trading Range
Traders are advised to consider a trading range between the support level at $2305.00 and the resistance level at $2345.00. These levels are crucial in assessing potential entry and exit points amidst the current market conditions.
Trend Forecast: Bearish
In line with recent developments, the overall trend forecast for gold remains bearish. Traders should exercise caution and closely monitor price movements, with a focus on key support and resistance levels, to navigate the market effectively.
