Hello everyone!
Today, we witness the continuing downtrend of gold prices, currently hovering around the 2023 USD mark. It's a decline of 5 USD for the day and over 30 USD since the beginning of the week.
This decline is primarily attributed to recent positive news about the USD, which has shaken the confidence of traders, leading to selling gold to secure profits.
Looking at the technical analysis charts, gold seems to be forming a 'cup and handle' pattern, reinforced by a bearish signal from the reversing EMA 34. If gold breaks through the critical support level at 2015 USD, we might see a more significant drop, aiming next at the buyers' defense zone around 1982 USD.
What do you think about the future of gold prices? Do you expect it to rise or continue its current downward trajectory? Share your thoughts!
Today, we witness the continuing downtrend of gold prices, currently hovering around the 2023 USD mark. It's a decline of 5 USD for the day and over 30 USD since the beginning of the week.
This decline is primarily attributed to recent positive news about the USD, which has shaken the confidence of traders, leading to selling gold to secure profits.
Looking at the technical analysis charts, gold seems to be forming a 'cup and handle' pattern, reinforced by a bearish signal from the reversing EMA 34. If gold breaks through the critical support level at 2015 USD, we might see a more significant drop, aiming next at the buyers' defense zone around 1982 USD.
What do you think about the future of gold prices? Do you expect it to rise or continue its current downward trajectory? Share your thoughts!
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