Hello smart and wealthy traders!
Today, gold continues its downward trend, currently fluctuating around the $2023 mark. This represents a $5 decrease for the day and over $30 decrease since the beginning of the week.
This decline is mainly attributed to recent positive news about the USD, which has shaken the confidence of traders, leading to selling of gold to secure profits.
Looking at the technical analysis chart, gold appears to be forming a "cup and handle" pattern, supported by bearish signals from the 34 EMA line. If gold surpasses the critical support level at $2015, we may see a more significant decline, targeting the buyers' defense zone around $1980.
Today, gold continues its downward trend, currently fluctuating around the $2023 mark. This represents a $5 decrease for the day and over $30 decrease since the beginning of the week.
This decline is mainly attributed to recent positive news about the USD, which has shaken the confidence of traders, leading to selling of gold to secure profits.
Looking at the technical analysis chart, gold appears to be forming a "cup and handle" pattern, supported by bearish signals from the 34 EMA line. If gold surpasses the critical support level at $2015, we may see a more significant decline, targeting the buyers' defense zone around $1980.
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