Gold Faces Strong Selling Pressure, Heading Towards Key Support
Updated
Gold is facing strong selling pressure below a descending trendline defined by lower highs. All three approaches to this trendline were rejected, indicating strong short-term selling pressure.
With the current selling pressure, I think there is a high possibility that the price will continue its downtrend and head towards a strong support zone around $2,650/ounce. If this support zone is broken, the downtrend could push the price further down, towards $2,620 or even lower.
With the current selling pressure, I think there is a high possibility that the price will continue its downtrend and head towards a strong support zone around $2,650/ounce. If this support zone is broken, the downtrend could push the price further down, towards $2,620 or even lower.
Trade active
Trade closed: target reached
Join my team to get free signal XAUUSD trades with up to 85% winning rate!
Every day, you will receive 5-7 high quality signals, helping you earn a lot of money
Click here to join the group: t.me/+GRJwuaIyEF8yNDdl
Every day, you will receive 5-7 high quality signals, helping you earn a lot of money
Click here to join the group: t.me/+GRJwuaIyEF8yNDdl
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.