Gold prices are currently testing a key resistance level at $2,340.10, maintaining stability below this threshold. This suggests the continuation of a bearish trend on an intraday basis, with an anticipated move towards the 38.2% Fibonacci correction level at $2,272.06.
For this bearish trend to proceed more smoothly, gold prices need to break below $2,324.00. However, if prices breach the $2,340.10 resistance level, it could halt the anticipated decline and lead to an attempt to re-establish a bullish trend.
Expected Trading Range:
Support: $2,310.00
Resistance: $2,345.00
Trend Forecast: Bearish