Expected Scenario
The gold price continues its downward trajectory, breaking through the first target of $2,390.00 and paving the way for a move towards the next anticipated level at $2,340.00. This level represents a 23.6% Fibonacci retracement from the rise measured between $1,984.16 and $2,450.00. A break below $2,340.00 could lead to further losses, potentially driving the price down to $2,272.06 in the near term.
We anticipate additional declines in the upcoming sessions. However, if the price breaches the $2,392.00 level, it would halt the current bearish pressure and could signal an attempt to resume the primary bullish trend.
Expected Trading Range
Support: $2,345.00
Resistance: $2,385.00