Gold Price Analysis
The gold price is currently facing downward pressure, aiming to breach the $2431.44 level and settle below it. This movement signals the initiation of a bearish correction following the recent uptrend that commenced from the $1984.16 regions. The next potential downside target is projected to be around $2340.10.
Expected Scenario
Today’s outlook suggests a bearish bias, with a focus on the possibility of further decline. A decisive break below the $2400.00 barrier would strengthen expectations for continued downside movement. However, if the price manages to breach the levels of $2431.44, followed by $2450.00, it would halt the anticipated decline and pave the way for a resumption of the primary bullish trend.
Expected Trading Range
The anticipated trading range is expected to fluctuate between the support level at $2390.00 and the resistance level at $2430.00.
Trend Forecast: Bearish
