Chart Analysis: Rising Risk of Gold Price Decline
Updated
Overall, the price of Gold is still maintaining its upward momentum. In the Asian trading session on Tuesday, the price of gold continued to rise below the $2,400 mark.
However, political tensions in the Middle East are gradually easing, and strong economic data from China could potentially slow down the pace of gold's ascent.
Looking at the 4-hour chart, we also see an increasing risk of decline. The support level of the Simple Moving Average SMA 20 is currently at $2,356, while longer-term SMAs are indicating a loss of some upward momentum. Predicted that if the price surpasses the SMA 20 level and continues to decline towards the support levels of SMA 50 and SMA 100, there is a possibility that the price of gold will start a significant downward trend.
However, political tensions in the Middle East are gradually easing, and strong economic data from China could potentially slow down the pace of gold's ascent.
Looking at the 4-hour chart, we also see an increasing risk of decline. The support level of the Simple Moving Average SMA 20 is currently at $2,356, while longer-term SMAs are indicating a loss of some upward momentum. Predicted that if the price surpasses the SMA 20 level and continues to decline towards the support levels of SMA 50 and SMA 100, there is a possibility that the price of gold will start a significant downward trend.
Note
Note
Gold price actually tested the SMA 20 area and then increased again
Related publications
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.