Today, gold has decreased slightly by 10 USD, currently trading around 2315 USD. This comes as the US Dollar tumbled following the release of much-anticipated economic data. Gold's short-term downtrend continues.
Technical analysis:
Trendline Break: From a technical standpoint, gold has broken above its trendline, signaling continued bearish momentum.
EMA Confirmation: The bearish outlook is further supported by gold trading below the 34 EMA and 89 EMA.
Price Target: The next important level to watch is $2300, which remains the desired target in this downtrend.
What do you think about gold's movement? Are you expecting the next decline or do you see a potential turnaround? Let's discuss!
Technical analysis:
Trendline Break: From a technical standpoint, gold has broken above its trendline, signaling continued bearish momentum.
EMA Confirmation: The bearish outlook is further supported by gold trading below the 34 EMA and 89 EMA.
Price Target: The next important level to watch is $2300, which remains the desired target in this downtrend.
What do you think about gold's movement? Are you expecting the next decline or do you see a potential turnaround? Let's discuss!
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Trade closed: target reached
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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.