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Gold is trading around the psychological level of 2,400 and under a strong bearish trend. Yesterday after breaking the symmetrical triangle, the precious metal fell below 2,460, printing a loss of more than $60. So, the metal is expected to rebound in the coming days.
We believe that gold could bounce above the weekly pivot at 2,395 which could offer a good opportunity to buy since technically, the price has reached the extremely oversold zone on the M30 chart.
We could expect a technical rebound in gold. For this, we will look for opportunities to buy above 2,495 (W_Pivot) with targets at 2,405 and 2,420.
Given that gold could continue its fall next week and could reach 4/8 Murray at 2,375, we should look for opportunities to sell after the technical rebound only if gold trades below 2,420 or 2,432…