Gold price declines calmly – Forecast today - 29-04-2024
Economies.com
2024-04-29 03:32AM UTC
Gold Price Analysis
- Gold price bounced bearishly after testing the broken support of the bullish channel that appears on the chart.
- The price started pressing on the key support 2325.90$ and hints heading to resume the bearish correction.
- The price needs to break the mentioned support to confirm opening the way to head towards 2260.60$ as a next correctional target.
Therefore, we expect to witness negative trades in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that breaching 2360.50$ will stop the expected decline and lead the price to regain the main bullish trend again.
Expected Trading Range
- Support: 2305.00$
- Resistance: 2340.00$
Trend forecast: Bearish
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