Breaking Through Key Support Levels
The gold market experienced a significant downturn yesterday, with prices dipping below the crucial $2300 mark. This movement aligns with the prevailing bearish correction trend, reinforcing expectations of continued decline.
Targets and Support Levels
The immediate target now stands at $2272.06, which corresponds to the 38.2% Fibonacci retracement level from the recent upswing. Should prices breach this level, the next anticipated support is at $2217.10.
Technical Indicators and Resistance
The 50-day Exponential Moving Average (EMA50) continues to back the bearish momentum. To maintain this downward trajectory, it is essential for gold to stay below the resistance level of $2340.10.
Trading Range Expectations
For the near term, traders should watch the support at $2275.00 and resistance at $2315.00, marking the expected trading range.
By observing these critical levels and indicators, traders can better navigate the current bearish wave in the gold market.
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