In recent trading, the price of gold has consolidated below the $2340.10 mark, maintaining a bearish correctional trend. Analysts foresee potential for further declines, eyeing a retracement towards the 38.2% Fibonacci correction level at $2272.06.
A decisive break below $2318.00 could pave the way for the anticipated downturn, signaling market sentiment towards lower levels. Conversely, surpassing the $2340.10 threshold would mark a resurgence in bullish momentum, potentially initiating a new uptrend targeting $2400.00.
Expected Trading Range: The price range is expected to oscillate between support at $2300.00 and resistance at $2340.00, reflecting ongoing market volatility and sentiment shifts.
Related topics:
Gold’s Enduring Appeal Amid Economic Uncertainty
