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Gold Price Analysis Points Towards Bearish Trend – 18-06-2024

by Jennifer

The current trajectory of gold prices reveals a bearish pennant pattern, indicating a potential downturn. To trigger this negative trend, the price must breach the $2311.00 mark, leading to a subsequent rally towards the next projected target at $2272.06. This target aligns with the 38.2% Fibonacci correction level, considering the previous surge from $1984.16 to $2450.00.

The prevailing suggestion leans towards a bearish outlook in the foreseeable future, contingent upon the price’s ability to maintain stability below $2340.10. A breach of this threshold would signify a resurgence of the primary bullish trend, potentially paving the way for gains, with initial targets hovering around the $2385.00 mark.

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Expected Trading Range

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Today’s trading range is anticipated to oscillate between the support level of $2300.00 and the resistance level of $2335.00.

Forecast Trend: Bearish

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