Gold achieves goals 23/5/2024

Gold prices experienced significant losses yesterday, aligning with the downward corrective trend identified in the previous technical report. The price reached the forecasted target of $2375, recording its lowest level at $2366 per ounce.

Examining the 4-hour time frame chart, several key technical indicators suggest the continuation of a downward trend:

1. Simple Moving Averages (SMA): The SMAs are exerting negative pressure on gold prices from above, indicating a bearish market sentiment.
2. Momentum Indicator: The 14-day momentum indicator remains below the midline of 50, reinforcing the bearish outlook.

Given these indicators, the possibility of continued corrective decline is high. The next targets are set at:

• 2349: The immediate support level.
• 2337: Corresponding to the 23.60% Fibonacci retracement level.

Upside Potential: For the bearish scenario to be invalidated, gold prices need to break above:

• 2395: A key resistance level.
• 2400: A critical psychological threshold. Should these levels be surpassed and sustained, gold prices may resume an upward trajectory towards:
• 2410
• 2430

Economic Data and Market Volatility: Today’s market may experience high volatility due to the release of significant economic data from major economies, including:

• France and Germany: Preliminary readings of the Services and Manufacturing PMI indices.
• United Kingdom: Preliminary reading of the Services and Manufacturing PMI indices.
• United States: Preliminary reading of the Services and Manufacturing PMI indices.

Geopolitical Risks: High geopolitical tensions continue to pose a significant risk, potentially leading to substantial price fluctuations.

S1: 2349.00	R1: 2410.00
S2: 2327.00	R2: 2447.00
S3: 2290.00	R3:  2469.00