Gold price dropped sharply, exceeding the threshold of 2300 USD
Hello everyone, let's dive into today’s gold prices and see what's changing!
Gold experienced a significant price correction late yesterday. The precious metal swiftly tumbled from $2320 to the psychological level of $2300, and it is currently trading around $2297.
Gold is finding some support at this level, but the bears still have the upper hand. Technical indicators and trend factors are favoring the sellers, and according to Dow theory, gold's target is to reach the 1.618 Fibonacci retracement level.
Let's stay tuned and watch how gold moves as it breaks out of its current support level!
Gold experienced a significant price correction late yesterday. The precious metal swiftly tumbled from $2320 to the psychological level of $2300, and it is currently trading around $2297.
Gold is finding some support at this level, but the bears still have the upper hand. Technical indicators and trend factors are favoring the sellers, and according to Dow theory, gold's target is to reach the 1.618 Fibonacci retracement level.
Let's stay tuned and watch how gold moves as it breaks out of its current support level!
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Trade closed: stop reached
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