In today’s market analysis, gold prices have resumed their downward trajectory as of June 27, 2024. After breaching the $2300.00 barrier yesterday, the precious metal’s negative trend is expected to persist, reinforcing bearish sentiment among traders. Analysts predict a potential drop to $2272.06, marking the 38.2% Fibonacci correction level from recent highs, with further downside potential towards $2217.10 if this support level fails to hold.
Technical indicators, notably the EMA50, continue to align with the prevailing bearish sentiment, suggesting further downward movement in prices. To maintain this trajectory, gold must remain below the resistance level at $2340.10.
In terms of expected trading ranges, support is seen around $2275.00, while resistance stands at $2315.00.
Overall, the trend forecast for gold remains bearish, with analysts cautioning investors to monitor key support levels closely amid ongoing market volatility.