Gold Price Outlook: Short-Term Recovery or Further Decline?
Hello everyone, great to have you back for another discussion on today's gold market movement.
At the start of the trading session, gold is showing signs of a short-term recovery, currently trading around $2,870 after breaking out of its descending price channel. The price has managed to move above its previous consolidation area, indicating a potential bullish correction. However, gold remains below EMA 34 and EMA 89, and the overall trend is still in the hands of the bears.
📊 Key Resistance Levels:
The $2,887 - $2,894 zone is a crucial resistance level where sellers could re-enter. If gold fails to break this resistance, we may see another downward movement in the coming sessions.
📉 Market Sentiment & Trend Analysis:
According to this week’s gold survey, among market analysts:
21% expect gold prices to rise,
64% predict a further decline,
14% anticipate sideways movement.
📌 What’s your outlook for gold this week? Share your thoughts in the comments!
At the start of the trading session, gold is showing signs of a short-term recovery, currently trading around $2,870 after breaking out of its descending price channel. The price has managed to move above its previous consolidation area, indicating a potential bullish correction. However, gold remains below EMA 34 and EMA 89, and the overall trend is still in the hands of the bears.
📊 Key Resistance Levels:
The $2,887 - $2,894 zone is a crucial resistance level where sellers could re-enter. If gold fails to break this resistance, we may see another downward movement in the coming sessions.
📉 Market Sentiment & Trend Analysis:
According to this week’s gold survey, among market analysts:
21% expect gold prices to rise,
64% predict a further decline,
14% anticipate sideways movement.
📌 What’s your outlook for gold this week? Share your thoughts in the comments!
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✅You can get 5 - 7 gold signals - Forex every day
✅ Trading knowledge and answers to questions 24/7
✅Completely free.
👉Join by clicking the following link:
t.me/+QXTdazFwCRg5MGNl
✅ Trading knowledge and answers to questions 24/7
✅Completely free.
👉Join by clicking the following link:
t.me/+QXTdazFwCRg5MGNl
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.