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Gold prices remain under bearish pressure, continuing the downward trajectory as anticipated in our previous technical report. The price has reached a low of $2310 per ounce, confirming the ongoing downtrend below the pivotal resistance level of 2340.
Technical Outlook:
The technical outlook remains unchanged, with the price consistently trading below the 2340 resistance level (23.60% Fibonacci retracement) on the 240-minute chart. Additionally, the price continues to trade below the 50-day simple moving average, further reinforcing the bearish bias.
Downward Targets:
We maintain our expectation of further downside movement. A break below the 2317 support level would likely accelerate the downward correction, with potential targets at 2300 and 2294. The primary target for this bearish wave remains at 2272.
Potential Reversal:
Traders should be aware that a sustained break and consolidation above the 2340 resistance level could invalidate the bearish scenario. In this case, a potential recovery towards 2348 and even 2357 could be expected.
Key Levels:
- Resistance: 2340, 2348, 2357
- Support: 2317, 2300, 2294, 2272
Important Note:
The ongoing geopolitical tensions continue to contribute to heightened risk levels in the gold market, potentially leading to significant price volatility. Traders should exercise caution and closely monitor market developments.
Disclaimer: Trading in CFDs involves risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for gold.
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