XAUUSD : Gold is plunging, will it return to 2300?

Gold prices have formed a "Bullish Harami" pattern, but unfortunately cannot maintain the upward momentum and are currently struggling around the $2,400 mark. If it closes below this mark, gold prices will likely continue to decline. The RSI indicator is in the 40.0-60.0 zone and moving sideways, showing a balance between buying and selling power.

If gold prices can return and surpass $2,430, the next target will be $2,450, followed by the historical peak of $2,483 and the psychological threshold of $2,500. On the contrary, the gold price continuing to adjust below USD 2,384 may open up deeper declines. The next support levels are SMA 50 at $2,359 and SMA 100 at $2,315, respectively.