Gold prices closed last Friday below the $2340.10 level, re-entering a corrective bearish trend with the next target at $2272.06, representing the 38.2% Fibonacci correction level for the rise from $1984.16 to $2450.00.
We anticipate further declines in the upcoming sessions, supported by movement below the EMA50. However, a breach of the $2340.10 level would halt this negative outlook and potentially lead to a price recovery.
Expected Trading Range: Between $2305.00 support and $2340.00 resistance.
Trend Forecast: Bearish
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