In a significant turn of events, the price of gold experienced a notable decline, suffering substantial losses on Friday, April 15th. The price plummeted by close to $100, ultimately settling at $2333.80. This sharp downturn signals a bearish correction from its recent highs near the $1984.16 mark, with the decline halting its descent near the 23.6% Fibonacci correction level.
Despite this downward trend, current market indicators suggest a potential for recovery, as the price of gold exhibits signs of positive trading. Analysts anticipate a resumption of the overarching bullish trend, with expectations set for further positive movements. Initial targets are projected to exceed the $2393.00 mark, with potential for further gains reaching up to $2510.00.
However, caution remains warranted, as breaking below the support level at $2325.90 could disrupt the anticipated upward trajectory. Such a breach may prompt an additional bearish correction, with a downside target identified at $2260.60.
Traders are advised to monitor the market closely, as today’s expected trading range oscillates between support at $2345.00 and resistance at $2390.00.
Amidst the volatility, the trend forecast leans towards a bullish outlook, yet market participants are urged to exercise vigilance and adapt their strategies accordingly.
