Today, the price of gold faced a critical test at the $2340.10 level and continued to exhibit stability below this mark. This persistence underscores the ongoing correctional bearish trend anticipated in the near future, with expectations of reaching the 38.2% Fibonacci correction level at $2272.06.
A breakthrough at the $2318.00 level would facilitate the anticipated decline, whereas surpassing the $2340.10 mark is pivotal for reestablishing the primary bullish trend. This would set the stage for a bullish wave targeting $2400.00.
In terms of expected trading activity, support is seen at $2300.00, while resistance remains firm at $2340.00.