Yesterday's news release triggered a decline in the price during the New York session, suggesting it may take some time for the price to reach the 2500 level. The market has already pulled back by one-third of its initial bullish rally, and I believe it may be entering a consolidation phase, potentially forming a trend continuation pattern such as a triangle. The support zone between 2400-2410 could present an opportunity for traders who missed the initial bullish rally to go long if the price action presents bullish signal. I expect a retest of the resistance zone at 2450 from this support level as the price is losing bearish momentum. However, if the market continues to decline, the next significant support level would be at 2380. My target is resistance zone at 2449.
📊QUICK FUNDAMENTAL LOOK
Gold prices firmed on Thursday, Gold prices are edging lower on Friday due to profit-taking after prices hit an all-time high earlier in the week and weak Swiss gold export data in June. Gold futures are down 1.4% to $2,422.40 a troy ounce as high prices continue to weigh on demand worldwide.
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