Analysis of gold with the possibility of further downside
Peace, mercy and blessings of God
Gold is still trading inside the descending channel
At the moment, as the price is below 1826.303, the continuation of the bearish trend is more likely
Our support is 1788.316, and in case it is broken, we will see the important main support 1764.893
A break of 1764.893 will open the way to a new low
I repeat: 1764.893 is a very important key support, as the price rebounded from it strongly since November 30th
It has been exceeded at the level of 1826.303, and in the event that it manages to surpass it, we will see the levels 1851.624 and 1872.89, and bypassing it we will see the rest of the levels shown in the chart
The beginning of the AB = CD pattern forming with the 50 and 100 moving averages pressing on the price
Based on the decision of its value, the emergence of its value, its appearance, and its stopping
This and God knows
We ask God for success
Gold is still trading inside the descending channel
At the moment, as the price is below 1826.303, the continuation of the bearish trend is more likely
Our support is 1788.316, and in case it is broken, we will see the important main support 1764.893
A break of 1764.893 will open the way to a new low
I repeat: 1764.893 is a very important key support, as the price rebounded from it strongly since November 30th
It has been exceeded at the level of 1826.303, and in the event that it manages to surpass it, we will see the levels 1851.624 and 1872.89, and bypassing it we will see the rest of the levels shown in the chart
The beginning of the AB = CD pattern forming with the 50 and 100 moving averages pressing on the price
Based on the decision of its value, the emergence of its value, its appearance, and its stopping
This and God knows
We ask God for success
نسأل الله التوفيق
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