GOLD - DECLINE
Gold prices fell in the European market on Wednesday, continuing their losses for the sixth consecutive day, on the verge of touching the lowest level in three weeks, under pressure from the broad rise in the US dollar levels, and the precious metal may lose trading above the psychological barrier at $ 2,600 per ounce. Especially with the increasing chances of keeping US interest rates unchanged next November, and in order to re-price those possibilities, investors are awaiting the release of the minutes of the last monetary policy meeting of the Federal Reserve later today.
Generally, the direction is a downtrend
Downtrend Side: The price is consolidating between the resistance levels of 2,625 and 2,605, maintaining a bearish trend. It is likely to break below 2,605 after making a correction toward the 2,625 resistance. A break below 2,605 would likely lead to a further decline, potentially reaching 2,585.
Uptrend Side: Trading above 2625, indicating a potential move to reach 2,650 or its possibility to 2,637 before likely reversing to below.
Tendency Keys: 2605
Generally, the direction is a downtrend
Downtrend Side: The price is consolidating between the resistance levels of 2,625 and 2,605, maintaining a bearish trend. It is likely to break below 2,605 after making a correction toward the 2,625 resistance. A break below 2,605 would likely lead to a further decline, potentially reaching 2,585.
Uptrend Side: Trading above 2625, indicating a potential move to reach 2,650 or its possibility to 2,637 before likely reversing to below.
Tendency Keys: 2605
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With Clear entry point and target line with stopout zone
~900 pips per week —— Accuracy more than 88%
with best learning
Be Stronger With us
THANKS for your support
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