Gold prices are currently testing a critical resistance level at $2340.10, with the ongoing correctional bearish trend contingent upon the price’s ability to remain below this threshold. As outlined in our earlier analysis, maintaining this level is crucial to sustaining the downward momentum, with our subsequent target set at $2272.06.
However, it’s imperative to recognize the potential for a trend reversal, highlighted by a breach of the $2340.10 resistance coupled with sustained trading above it. Such a scenario would negate the bearish outlook, paving the way for a bullish wave formation, initially targeting the $2380.00 price range.
The expected trading range remains confined between the support level of $2305.00 and the aforementioned resistance at $2345.00, delineating the boundaries within which price movements are anticipated.
Trend Forecast:
In line with current dynamics, the trend forecast leans towards a continuation of the bearish trajectory, contingent upon the resilience of the $2340.10 resistance level.
