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Gold Price Analysis: Bearish Trend Expected

by Daisy

Gold prices are currently testing a key resistance level at $2,340.10, maintaining stability below this threshold. This suggests the continuation of a bearish trend on an intraday basis, with an anticipated move towards the 38.2% Fibonacci correction level at $2,272.06.

For this bearish trend to proceed more smoothly, gold prices need to break below $2,324.00. However, if prices breach the $2,340.10 resistance level, it could halt the anticipated decline and lead to an attempt to re-establish a bullish trend.

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Expected Trading Range:

Support: $2,310.00

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Resistance: $2,345.00

Trend Forecast: Bearish

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