XAUUSD - bullish possibility remains ambiguous
Updated
Hello everyone! Darius is delighted to meet you all again to discuss today's Gold market.
The price of gold continues its downward trend, currently trading at $1821, reaching its lowest level in months.
From a technical perspective: Looking at all timeframes, the gold price still favors its downtrend with minor increases in the short term, but nothing significant due to the strengthening US dollar.
Gold is likely to maintain its bearish outlook and may sharply decline to $1800 tonight or tomorrow before any potential developments occur.
The price of gold continues its downward trend, currently trading at $1821, reaching its lowest level in months.
From a technical perspective: Looking at all timeframes, the gold price still favors its downtrend with minor increases in the short term, but nothing significant due to the strengthening US dollar.
Gold is likely to maintain its bearish outlook and may sharply decline to $1800 tonight or tomorrow before any potential developments occur.
Comment
I would like to emphasize that Gold will continue to decline sharply in price due to continued support from sellers. Any bullish momentum right now is meaninglessComment
The USD's upward momentum is still well consolidated, putting pressure on the Gold marketComment
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