Gold at $2334: Will drop to $2311-$2303 ..?

After recovering to $2334 Gold declined to $2323 and resumed showing signs of life revisiting $2332

The set up indicates potential for renewed bearish attack and bear hunting pushing the metal down for retracement to 50% Fibonacci zone $2316 followed by 61.8% Fibonacci zone $2311

Better risk vs Reward may occur on retracement to 78.6% Fibonacci zone $2302 and a tad lower $2297

Sellers may consider booking profits between $2303-$2297 and buyers are likely to resurface in anticipation of bullish reversal from value zone and bargain hunting.

Upward rebound will target retest of swing high $2338 followed by next leg higher $2368