Gold prices began to show signs of falling deeper
Updated
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The current price of gold is trading at around 1987 USD and has experienced a slight recovery of 0.29% today. However, the overall trend for gold remains bearish as the recovery momentum of the USD has not yet cooled down.
From the technical analysis chart on the 4-hour timeframe, the reversal signal of the EMA 34 indicates that the downward trend is being supported, with immediate support seen near the 1,965 USD area.
If the inflation data, particularly the Consumer Price Index, which is extremely important for the United States, is about to be released and it turns out to be negative news for gold, the selling side will quickly break through that support level, pushing gold down to even lower levels, possibly as low as 1,935 USD.
The current price of gold is trading at around 1987 USD and has experienced a slight recovery of 0.29% today. However, the overall trend for gold remains bearish as the recovery momentum of the USD has not yet cooled down.
From the technical analysis chart on the 4-hour timeframe, the reversal signal of the EMA 34 indicates that the downward trend is being supported, with immediate support seen near the 1,965 USD area.
If the inflation data, particularly the Consumer Price Index, which is extremely important for the United States, is about to be released and it turns out to be negative news for gold, the selling side will quickly break through that support level, pushing gold down to even lower levels, possibly as low as 1,935 USD.
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