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Gold Price Resumes Decline – Forecast for Today, June 13, 2024

by Jennifer

Gold Price Analysis

Expected Scenario

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Gold price has reverted to a bearish trajectory after testing the $2340.104 level in previous sessions. The EMA50 has provided significant resistance, reinforcing the strength of this level. Market analysts anticipate further decline in upcoming sessions, with the next main target set at $2272.06.

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Stochastic indicators are signaling negative momentum, supporting the continuation of the bearish bias on an intraday basis. This outlook remains valid unless the price manages to rally and breach the $2340.10 level, sustaining a daily close above it.

Expected Trading Range

The expected trading range for today is between the support level at $2290.00 and the resistance level at $2330.00.

Trend Forecast: Bearish

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