Gold Spot / U.S. DollarUpdated Will Gold Slide to $2,578 Amid Bearish Pressure?
Gold (XAU/USD) shows strong bearish momentum across multiple timeframes, with the price consistently trading below key SMAs, reinforcing downward pressure. The rejection from the $2,640 resistance zone and the descending trendline aligns with the bearish continuation pattern within the ascending channel. A confirmed breakout below the channel’s lower boundary could drive the price to the $2,578 target, a critical support level.
Key Levels to Watch:
• Resistance: $2,640
• Support: $2,578
Key Levels to Watch:
• Resistance: $2,640
• Support: $2,578
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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.