GOLD 14/6 - The downtrend is clearly formed
Gold prices have taken a dip and are currently trading at a daily low of $1,942.
This comes after the US dollar struggled earlier in the day, particularly with the US Consumer Price Index falling below market expectations.
This has caused some optimism in the market, with gold experiencing a bearish trend on the 4-hour chart.
The support levels are at 1,940 - 1,932 - 1,918, while the resistance levels are at 1,966 - 1,972 - 1,987.
Technical indicators are approaching oversold levels, and the 34 and 89 EMAs are currently moving around the $1955 level.
This comes after the US dollar struggled earlier in the day, particularly with the US Consumer Price Index falling below market expectations.
This has caused some optimism in the market, with gold experiencing a bearish trend on the 4-hour chart.
The support levels are at 1,940 - 1,932 - 1,918, while the resistance levels are at 1,966 - 1,972 - 1,987.
Technical indicators are approaching oversold levels, and the 34 and 89 EMAs are currently moving around the $1955 level.
Comment:
Gold is moving from my Buy 1940 entry yesterday and moving towards 1950
Comment:
Trade active:
SELL moved towards the target of 1930 and returned to 1936 as expected
