Gold prices dipped yesterday, testing the $2300 barrier. Analysts anticipate further declines, targeting the 38.2% Fibonacci correction level at $2272.06, the next major goal in the ongoing bearish trend. A breach of this level could extend the downward movement to $2217.10.
Conversely, surpassing the $2340.10 threshold would halt the bearish trend, redirecting the price back to a bullish trajectory. This shift could lead to gains beginning at $2386.60, potentially reaching $2416.30 as initial positive targets.
Expected Trading Range
Support: $2280.00
Resistance: $2320.00
Trend Forecast: Bearish