Gold is going lower in short- to medium-term.
Gold broke a multi-week ascending trendline on the chart, RSI confirmed this by a break of horizontal support. Price closed below the 2019 High yesterday, what leaves the door open for further decline.
Possible target 2020 Open which lines up with a 100% trend extension, as visual below.
4-Hour Chart
Possible target 2020 Open which lines up with a 100% trend extension, as visual below.
4-Hour Chart
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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.