GOLD (Bearish or Yet...)

India's Gold Imports Expected to Decline as Record Prices Encourage Jewelry Swaps

India's gold imports in 2024 are projected to decrease by nearly 20% from the previous year, driven by record high prices prompting retail consumers to exchange old jewelry for new items, according to the head of an industry body.

As the world's second-largest consumer of gold, India's reduced imports could limit the recent rally that pushed global prices of GOLD to a record high this week.

Technical Analysis of Gold:
The price of gold reached 2426 and then dropped and reached its support line, as noted in our previous analysis.

Currently, the price should break 2410 to be a downtrend till 2397, so a breach of 2397 means will continue the bearish trend toward 2388 and 2368,

otherwise, stability above 2410 again will try to touch 2426, then should break 2429 to be uptrend.

Pivot Price: 2410
Resistance Levels: 2426, 2451, 2462
Support Levels: 2397, 2388, 2377

Today's anticipated trading range is between the support level at 2388 and the resistance level at 2426.