Gold prices fell on Wednesday as eased global trade tensions alleviated fears of a potential global economic recession, boosting investors' risk appetite and dampening gold's safe-haven appeal. Before the U.S. trading session on Wednesday, spot gold plunged sharply in a short term, plummeting by $50 in just three hours and breaking below the $3,200 mark. After 50 hours of consolidation, gold finally broke below the previous low of 3,200 to continue its downward trend. It can now be confirmed that the wave 3 decline is established. Currently, the gold price has stopped falling and rebounded at the lower track of the downward channel (this channel position can refer to the support level analyzed in yesterday's morning session). After the previous support was broken, it can be used as a reference for short-term resistance, namely the 3,200-3,206 area. As long as the rebound does not hold above this level tonight, the subsequent strategy will be to go short at highs and look for further downside.
you are currently struggling with losses, or are unsure which of the numerous trading strategies to follow, at this moment, you can choose to observe the operations within our channel.
you are currently struggling with losses, or are unsure which of the numerous trading strategies to follow, at this moment, you can choose to observe the operations within our channel.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.