Gold prices experienced significant fluctuations yesterday, with the precious metal continuing to decline and reaching $2011. However, there has been a slight recovery, and it is currently adjusting back to $2015 during the early trading hours on Thursday.
Accordingly, the optimistic PMI index from the United States has helped the yield on 10-year US Treasury bonds recover from its daily decrease, putting pressure on XAU/USD.
From the observed chart: Gold is still trapped in a parallel downward channel and has broken the short-term uptrend trendline, as well as surpassed the support level near $2020. Prices may continue to decrease after the end of the short-term trend correction. The next target for sellers is the $2005 mark. If gold surpasses this level, it will continue to seek new momentum around $1982 and the lower limit of the downward price channel.
What do you think? Do you believe gold will continue to decline further?
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