Gold may continue to fall
Gold may continue to fall
The gold price is fluctuating in a wide range in the near term, forming a clear descending wedge (blue downtrend line) and an ascending channel (red trend line). The current gold price is fluctuating around the 2668 level, indicating some short-term corrective pressure.
Currently, we can clearly see gold's correction trajectory from the previous high to the low. The price is currently oscillating between the 0.618 ($2670) and 0.5 ($2654) levels, indicating that this area is a key point of contention for both bulls and bears. If price continues to fail to overcome the 0.618 level, it could trigger a larger decline, with 0.382 ($2,637) or even 0.236 ($2,617) support being the target.
The hourly ascending channel shows that gold as a whole still maintains a moderate upward trend, but the price has been showing significant signs of correction recently, having encountered resistance at the upper boundary of the upper channel. Price has failed to test this resistance area several times and then went down, indicating that this level is an important area of resistance. The key support level below could be the lower boundary of the red channel and the price corresponding to the Fibonacci level of 0.236.
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The gold price is fluctuating in a wide range in the near term, forming a clear descending wedge (blue downtrend line) and an ascending channel (red trend line). The current gold price is fluctuating around the 2668 level, indicating some short-term corrective pressure.
Currently, we can clearly see gold's correction trajectory from the previous high to the low. The price is currently oscillating between the 0.618 ($2670) and 0.5 ($2654) levels, indicating that this area is a key point of contention for both bulls and bears. If price continues to fail to overcome the 0.618 level, it could trigger a larger decline, with 0.382 ($2,637) or even 0.236 ($2,617) support being the target.
The hourly ascending channel shows that gold as a whole still maintains a moderate upward trend, but the price has been showing significant signs of correction recently, having encountered resistance at the upper boundary of the upper channel. Price has failed to test this resistance area several times and then went down, indicating that this level is an important area of resistance. The key support level below could be the lower boundary of the red channel and the price corresponding to the Fibonacci level of 0.236.
🚀 Trade with the professionals of THS - Wave Theory!
🔹 All trades are based on wave analysis.
🔹 Fixed stop loss and take profit for risk management.
🔹 100% automation: copy trades through CopyFX service.
🔹 Reliability and transparency: the results are confirmed by the market.
📈 Don't miss the chance to earn steadily!
👉 Connect to CopyFX with THS and start copying profitable trades right now!
💡 Details on our channel and in the app!
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