The gold price surged past its target today, as observed on April 23, 2024. Opening with a robust decline, it breached the support level at $2325.90 and settled below it. This downward movement indicates the potential for further bearish correction in the short term, with the next anticipated target positioned at $2260.60.
Forecasts indicate a likelihood of witnessing continued decline in the forthcoming sessions, bolstered by the negative pressure exerted by the EMA50 indicator. However, a breakthrough above the $2325.90 mark could alleviate the downward pressure and prompt the price to endeavor to reclaim the primary bullish trend.
Traders can expect a trading range between the support level at $2275.00 and the resistance level at $2335.00.
Overall, the trend forecast for gold remains bearish, reflecting the prevailing market sentiment.
