Gold's Technical Outlook: Trendline Test and Potential Reversal
After careful declines observed since the middle of July, gold currently rests precisely on the ascending trendline originating from February – as indicated in the chart below. Breaching this trendline might initiate a more prominent inclination towards bearish technical indicators. This, in turn, exposes the 38.2% Fibonacci retracement level at 1903, which notably aligns closely with the troughs experienced in June.
Furthermore, recent price action is undermining a bullish Golden Cross formed between the 20- and 50-day Moving Averages (MA). If the losses persist, this signal could turn out to be misleading. Consequently, the potential exists for the precious metal to be on the brink of a broader reversal, reflecting the progress observed in its upward movement between November and early May.
With this in consideration, let's delve deeper into the 4-hour time frame to examine how the immediate-term technical landscape is evolving.
XAUUSD SELL 1929 -1931💯💯
✅ TP1: 1925
✅ TP2: 1922
🛑 SL: 1935
Furthermore, recent price action is undermining a bullish Golden Cross formed between the 20- and 50-day Moving Averages (MA). If the losses persist, this signal could turn out to be misleading. Consequently, the potential exists for the precious metal to be on the brink of a broader reversal, reflecting the progress observed in its upward movement between November and early May.
With this in consideration, let's delve deeper into the 4-hour time frame to examine how the immediate-term technical landscape is evolving.
XAUUSD SELL 1929 -1931💯💯
✅ TP1: 1925
✅ TP2: 1922
🛑 SL: 1935
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.