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Gold Price Analysis: Bearish Trend Continues with Support Near $2305

by Daisy

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.

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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.

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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.

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