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Gold Price Faces Negative Momentum – June 17, 2024 Forecast

by Jennifer

Gold Price Analysis

Gold prices have started to decline after hitting the key resistance level of $2340.10. This bearish rebound is accompanied by clear negative signals from the stochastic indicator, suggesting further declines towards the main target of $2272.06.

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The correctional bearish trend is expected to continue, and if the price breaks below the $2272.06 level, the decline could extend to the next target of $2217.10. Conversely, breaching the $2272.06 level would indicate a potential halt to the bearish correction, signaling a return to the main bullish trend.

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Expected Trading Range

  • Support: $2300.00
  • Resistance: $2335.00

Trend Forecast: Bearish

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