On the daily chart for spot gold, a clear downward trend is maintained. The current price has broken below the $4600 horizontal resistance zone and has been trading below the 100-day simple moving average (approximately $4801) for an extended period, solidifying the bearish pattern. The 200-day moving average at $4411 is currently providing support. Technically, the RSI is around 43 and the ADX is around 24, indicating exhausted bullish momentum and continued downward pressure.
Signal Analysis and Suggestions:
Selling Resistance Levels: Short-term selling pressure is at $4557-$4578, with a key level at $4610. A break and hold above $4610 would likely continue the upward trend.
Buying Support Levels: Short-term support is at $4482-$4465, with a key level at $4430. A break below the key support level of $4430 would initiate a deeper downtrend, significantly strengthening the bearish signal.
Signal Analysis and Suggestions:
Selling Resistance Levels: Short-term selling pressure is at $4557-$4578, with a key level at $4610. A break and hold above $4610 would likely continue the upward trend.
Buying Support Levels: Short-term support is at $4482-$4465, with a key level at $4430. A break below the key support level of $4430 would initiate a deeper downtrend, significantly strengthening the bearish signal.
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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.