The gold price successfully broke below the initial level of $2325.90 and closed below it for the last four hours, reinforcing expectations of a sustained bearish trend in the upcoming sessions. This sets the stage for targeting the 38.2% Fibonacci correction level at $2260.60.
Consequently, our bearish outlook remains intact for today, with continued focus on staying below $2325.90 as a key condition for further declines.
However, a breach of this level could initiate recovery attempts, aiming to test the crucial intraday resistance at $2368.50.
Expected Trend
Today's expected trading range spans from the support level at 2300.00 to the resistance level at 2345.00.
The expected trend for today is bearish.
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