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Gold Price Analysis: Bearish Trend Persists with Key Levels in Focus

by Daisy

Gold prices dipped yesterday, testing the $2300 barrier. Analysts anticipate further declines, targeting the 38.2% Fibonacci correction level at $2272.06, the next major goal in the ongoing bearish trend. A breach of this level could extend the downward movement to $2217.10.

Conversely, surpassing the $2340.10 threshold would halt the bearish trend, redirecting the price back to a bullish trajectory. This shift could lead to gains beginning at $2386.60, potentially reaching $2416.30 as initial positive targets.

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Expected Trading Range

Support: $2280.00

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Resistance: $2320.00

Trend Forecast: Bearish

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