Gold price declines calmly – Forecast today - 29-04-2024

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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