Gold price forecast update 30-04-2024

Gold Price Analysis

Expected Scenario

• Gold price achieved initial break to 2325.90$ and closed the last four hours’ candlestick below it, reinforcing the expectations of continuing the bearish trend efficiently in the upcoming sessions.
• This opens the way to target 38.2% Fibonacci correction level at 2260.60$.
• Therefore, our bearish overview will remain valid for today, noting that holding below 2325.90$ represents initial condition to the continuation of the expected decline.
• Breaching it will lead the price to start recovery attempts that target testing the most important resistance for the intraday trades at 2368.50$.

Expected Trading Range

Between the support at 2300.00$ and the resistance at 2345.00$.