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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.
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Expected Scenario
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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
