Gold Price Forecast – June 24, 2024: Bearish Correction Continues

by Jennifer

Gold Price Analysis

The gold price resumed its correctional bearish trend last Friday, closing below the critical level of $2340.10. This movement suggests the continuation of downward pressure, with the next target positioned at $2272.06. This target represents the 38.2% Fibonacci retracement level, calculated from the rise between $1984.16 and $2450.00.

Advertisements

Expected Scenario

Advertisements

In the upcoming sessions, we anticipate further declines in gold prices, bolstered by the price moving below the EMA50 (Exponential Moving Average). It is important to note that any breach of the $2340.10 level would halt this bearish outlook, potentially leading to a recovery in gold prices.

Expected Trading Range

Support: $2305.00
Resistance: $2340.00

Trend Forecast: Bearish

You May Also Like

blank

Bnher is a comprehensive futures portal. The main columns include futures market, futures exchanges, futures varieties, futures basic knowledge and other columns.

[Contact us: [email protected]]

© 2023 Copyright  bedgut.com – Futures Market, Investment, Trading & News