Gold price keeps declining – Forecast today - 01-05-2024

Gold Price Analysis

Expected Scenario

• Gold price continues to provide the negative trades to gradually approach our waited target at 2260.60$, which represents 50% Fibonacci correction level for the entire rise measured from 1984.16$ to 2431.44$, which means that breaking this level will extend the bearish wave to reach 2207.80$ as a next target.
• On the other hand, we notice that the price is placing lower highs that support the chances of continuing the decline and achieve more negative targets, especially that the EMA50 forms continuous negative pressure against the price.
• Therefore, we will continue to suggest the bearish trend for the upcoming period unless the price rallied to breach 2325.90$ and hold above it.

Expected Trading Range

Between 2260.00$ support and 2305.00$ resistance