Let's set aside the news factors for now and focus on short-term technical analysis with a bearish outlook.
In the current technical picture, gold continues to trade below the trendline, lacking upward momentum, forming a descending wedge pattern. The behavior around the convergence of EMA 34 and 89 also indicates that sellers still control the market.
A sell strategy is favored, with attention to the support zone around 3,315 – 3,320 USD. If this level breaks, stronger sell-offs are likely to follow.
In the current technical picture, gold continues to trade below the trendline, lacking upward momentum, forming a descending wedge pattern. The behavior around the convergence of EMA 34 and 89 also indicates that sellers still control the market.
A sell strategy is favored, with attention to the support zone around 3,315 – 3,320 USD. If this level breaks, stronger sell-offs are likely to follow.
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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.