gold analysis Mon JUL 1 2024// BEARISH

1 Jul

Based on the current charts, the bearish scenario appears more likely for the following reasons:

1. Repeated Resistance: Multiple rejections at the resistance level of 2,332.485.
2. Fibonacci Resistance: The price is near the 61.80% Fibonacci retracement level, a common reversal point.
3. Bearish Flag on Daily Chart: Indicates potential downside continuation.

Most Likely Scenario:

• Bearish
• Entry: Below 2,328.393 if there is a clear breakdown with strong volume.
• Target 1: 2,325.000 (short-term support level)
• Target 2: 2,319.295 (major support level)
• Stop-Loss: Above the breakdown candle or 2,329.000.