Gold prices continued their downward trajectory, maintaining a negative stability as forecasted for April 24, 2024.
The price of gold concluded below $2325.90 yesterday, reinforcing the corrective bearish trend expected in the upcoming period. Analysts anticipate a movement towards $2260.60, representing the next correctional target.
Technical indicators, particularly the Stochastic oscillator, are signaling negative momentum, further supporting the likelihood of a resumption in the expected decline. Additionally, the pressure from the Exponential Moving Average (EMA50) remains on the downside.
A significant shift in sentiment would occur if gold breaches the levels of $2325.90 and $2343.00. Such a move would halt the bearish correction and propel the price back onto the main bullish track.
For today’s trading, the expected range lies between a support level of $2295.00 and a resistance level of $2335.00.
Forecast: Bearish
