Gold extended its losing streak to a sixth straight day, sliding closer to the critical $3,300 level as a rebounding US dollar and Powell’s cautious tone dampen market sentiment.
Technically, the breakdown below the short-term ascending channel has validated a bearish structure. Daily chart indicators are turning decisively negative, suggesting the path of least resistance is still to the downside.
Unless a fresh risk event triggers safe-haven demand, any bounce from here may simply offer sellers a better price to re-enter. The downtrend is in motion — and it’s gaining steam.
Technically, the breakdown below the short-term ascending channel has validated a bearish structure. Daily chart indicators are turning decisively negative, suggesting the path of least resistance is still to the downside.
Unless a fresh risk event triggers safe-haven demand, any bounce from here may simply offer sellers a better price to re-enter. The downtrend is in motion — and it’s gaining steam.
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✅You can get 7-10 Forex, XAUUSD, Bitcoin...signal every day
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✅ Trading knowledge and answers to questions 24/7
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Related publications
Disclaimer
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.