Navigating Gold’s Bearish Trend-economies.com
The analysis from Economies.com on April 29, 2024, indicates a bearish outlook for gold prices. The price exhibited a bearish bounce after testing a previously broken bullish channel’s support. Key support at $2325.90 is under pressure, suggesting a potential continuation of the bearish correction towards $2260.60. The analysis suggests a negative trading sentiment in the upcoming sessions, bolstered by the downward pressure indicated by the EMA50. However, a breach above $2360.50 could halt the anticipated decline and prompt a return to the main bullish trend. The expected trading range is between $2305.00 (support) and $2340.00 (resistance), with the overall trend forecasted as bearish. This analysis provides traders with insights into potential price movements and key levels to watch, aiding in decision-making regarding gold trading strategies.
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