Expected Scenario
The downward trajectory of gold price persists as it breaches the initial target at $2390.00, affirming a pathway towards our next anticipated level at $2340.00. This level corresponds to the 23.6% Fibonacci correction level calculated from the rise measured between $1984.16 and $2450.00. A breach of this level would likely trigger further declines, potentially extending to $2272.06 in the near term.
Hence, we anticipate further decline in the upcoming trading sessions. It’s noteworthy that a breach of $2392.00 would alleviate the current downward pressure and prompt the price to endeavor to re-establish the primary bullish trend.
Expected Trading Range
The anticipated trading range lies between the support level at $2345.00 and the resistance level at $2385.00.
Trend Forecast: Bearish
