XAUUSD: The Downtrend Is Not Over Yet
Dear Traders!
Today, gold prices fell sharply, ending the week at $2,684, recording a decrease of 0.83%. The rising US dollar, fueled by political uncertainty, put a lot of downward pressure on gold. The shift of investors to riskier assets added to the selling pressure on gold in the market, reinforcing the bearish trend.
Analysis of the 4-hour chart shows that gold prices are currently facing resistance at the important resistance zone of $2,700 - $2,715. The 34 EMA has crossed below the 89 EMA, a sign that sellers are in control. If the price fails to break through this resistance zone and continues to be under pressure, gold is likely to find support at $2,640 - $2,656. In the event that the price drops below $2,640, the short-term bearish outlook will become stronger, with a deeper target in the near term.
Today, gold prices fell sharply, ending the week at $2,684, recording a decrease of 0.83%. The rising US dollar, fueled by political uncertainty, put a lot of downward pressure on gold. The shift of investors to riskier assets added to the selling pressure on gold in the market, reinforcing the bearish trend.
Analysis of the 4-hour chart shows that gold prices are currently facing resistance at the important resistance zone of $2,700 - $2,715. The 34 EMA has crossed below the 89 EMA, a sign that sellers are in control. If the price fails to break through this resistance zone and continues to be under pressure, gold is likely to find support at $2,640 - $2,656. In the event that the price drops below $2,640, the short-term bearish outlook will become stronger, with a deeper target in the near term.
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Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.