If gold has reached the top of the ascending channel and is now turning bearish, a correction is expected. The price may pull back to key support levels, often defined by previous lows or the lower boundary of the channel. In technical analysis, this could mean that gold will retrace some of its recent gains, potentially finding support at key Fibonacci retracement levels or near moving averages.
To confirm the bearish sentiment, you'd typically look for a breakdown of support, lower highs, or increased selling volume. Keep an eye on macroeconomic factors like interest rate decisions or geopolitical events, as they heavily influence gold’s movements.
To confirm the bearish sentiment, you'd typically look for a breakdown of support, lower highs, or increased selling volume. Keep an eye on macroeconomic factors like interest rate decisions or geopolitical events, as they heavily influence gold’s movements.
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