The gold price continues its decline, approaching our anticipated target of $2272.06, which aligns with the 38.2% Fibonacci correction level for the bullish wave shown on the chart. Breaking this level would likely push the price directly towards the $2217.10 area.
The EMA50 exerts negative pressure on the price, supporting the likelihood of the bearish trend persisting in the upcoming sessions. However, breaching the $2340.10 level would halt the bearish trend and potentially shift the price back to the main bullish trend.
Expected Trading Range: Between $2270.00 support and $2310.00 resistance.
Trend Forecast: Bearish