GOLD: Downward Momentum?
Hello everyone! Today i want to share some macro analysis with you!
1.
$Gold - main 2412(GCmain)$ Technical: Gold fell sharply yesterday in line with the expected trend! It touched a low near 2,624.5 while the sell order trade I gave took a big profit!
Gold price provided additional negative trades yesterday, approaching the support line of the intraday bullish channel at 2620.7, while the EMA50 formed a good support preventing the price from continuing to fall, waiting to gain negative motivation, which will help push the price to realize more bearish bias and move beyond the mentioned support towards 2604!
Considering that a breakout above 2649 will stop the expected downtrend and lead to price resuming the main bullish track once again, my recommendations will continue to suggest bearishness for the upcoming period.
Expect today's trading range to be between the 2615 support level and the 2650 resistance level.
Trend Forecast: Bearish! Trading is dominated by sell order trades!
Strategy: Sell: 2647-2650 TP:2630-2625 SL:2658 (according to individual) $XAU/USD(XAUUSD.FOREX)$
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https://x.com/TradersXauusd/status/1841024234593923509
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