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.
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