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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