Gold continues to decline, continuing to search for a bottom
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Come and join Darius in a discussion about the Gold market happening this weekend!
We have just witnessed a rather volatile week of trading in the Gold market, with prices reaching their lowest point in recent months at 1848 USD.
From a technical standpoint, there has been a continuous decline in Gold prices, as important support levels are being broken. This can be attributed to the strength of the USD and high yields that are directly impacting precious metals.
Given the current situation, it is highly likely that this decline will continue for quite some time. On the 1D timeframe, there is potential for a slight recovery at around 1810 USD before experiencing another short-term correction with resistance anticipated at 1855 USD.
We have just witnessed a rather volatile week of trading in the Gold market, with prices reaching their lowest point in recent months at 1848 USD.
From a technical standpoint, there has been a continuous decline in Gold prices, as important support levels are being broken. This can be attributed to the strength of the USD and high yields that are directly impacting precious metals.
Given the current situation, it is highly likely that this decline will continue for quite some time. On the 1D timeframe, there is potential for a slight recovery at around 1810 USD before experiencing another short-term correction with resistance anticipated at 1855 USD.
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