Gold: Downward trend continue to maintain in the near future

Gold is facing difficulties in capitalizing on the previous day's gains and is oscillating within a narrow range as it enters the European trading session on Wednesday. Global risk sentiment continues to be supported by reduced concerns over escalating geopolitical tensions in the Middle East. This is attributed to the decline in the US dollar (USD) price, coupled with reinforced expectations from the Federal Reserve.

From a technical perspective, the upward trend remains intact, but gold prices are currently showing signs of correction. It is anticipated that there will be a retracement towards Fibonacci's support level in the near future.