Will Gold trend lower in 2024? Weekly chart perspective
Hello traders and the entire Tradingview community! Last week we witnessed
a fake-out in XAU/USD. While it seemed like Gold had finally broken through
the resistance at the 2080 level, the break-out was short-lived.
Price rapidly fell below the resistance level once again, and currently, Gold is hovering
around the 1980 level. Based on the weekly chart, there is a probability that
Gold may continue to fall in 2024.
The key levels would be 1935,1820 and eventually 1650 if this bearish scenario plays out.
a fake-out in XAU/USD. While it seemed like Gold had finally broken through
the resistance at the 2080 level, the break-out was short-lived.
Price rapidly fell below the resistance level once again, and currently, Gold is hovering
around the 1980 level. Based on the weekly chart, there is a probability that
Gold may continue to fall in 2024.
The key levels would be 1935,1820 and eventually 1650 if this bearish scenario plays out.
Note
No major movement will happen now. Better to sleep and come back tomorrow. Although, volume and liquidity will keep reducing as we approach the year end.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.