As gold prices grow closer to their goal, today’s forecast is for 10-06-2024.
Analysis of Gold Prices
Anticipated Situation
The price of gold is still falling as it approaches our targeted level of 2272.06$, which is the 38.2% Fibonacci correction level for the bullish wave seen on the chart. If this level is broken, the price will move straight into the 2217.10$ levels.
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Given that breaking 2340.10$ will end the bearish wave and cause the price to reclaim the main bullish trend, the EMA50 creates negative pressure against the price to support the likelihood that the bearish trend will continue to dominate in the following sessions.
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