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Gold Price Analysis and Forecast: Bearish Trend Continues

by Daisy

The current outlook for gold prices suggests a persistent challenge at the critical resistance level of $2340.10, maintaining its position below this threshold. This stance reinforces the prevailing bearish sentiment in the short term, with a focus on potentially retesting the 38.2% Fibonacci correction level at $2272.06.

To potentially alter this trajectory, a breakthrough above $2324.00 would facilitate a smoother path towards achieving the aforementioned target. Conversely, breaching the resistance at $2340.10 could signal a cessation of the anticipated decline, prompting a resurgence towards resuming the primary bullish trend.

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In terms of expected trading parameters, the anticipated range spans from a support level of $2310.00 to a resistance ceiling of $2345.00.

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This analysis indicates a sustained bearish trend in the near term, contingent upon the price behavior around key resistance and support levels.

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