Gold price suffers strong losses – Forecast today - 15-04-2024

Bearish Correction

• Gold price experienced a sharp downward bounce on Friday evening, losing nearly $100 and reaching $2333.80.
• This decline marked a bearish correction from the $1984.16 areas, with the price halting near the 23.6% Fibonacci correction level.
• Currently, the price is showing positive trades, suggesting a potential resumption of the main bullish trend.

Expected Scenarios

1. Expectations include witnessing further positive trades, with initial targets set at surpassing $2393.00, potentially reaching $2510.00 as the next main station.
2. Breaking below $2325.90 would halt the expected rise, potentially leading to additional bearish correction with a target of $2260.60.

Trading Range

The expected trading range for today is between support at $2345.00 and resistance at $2390.00.

Trend forecast: Bullish