Gold has officially broken below a key support level around $3200 for the first time in a while, signaling potential bearish momentum ahead.
1. Price has closed below a significant horizontal support zone – a key warning sign.
2. A major ascending trendline has been broken, while an older, longer-term trendline still lies far below current price – suggesting a potential move lower.
3. The 200-day moving average could act as a price magnet, hinting at further downside potential.
Technicals: Bearish
Fundamentals: Mixed
1. Price has closed below a significant horizontal support zone – a key warning sign.
2. A major ascending trendline has been broken, while an older, longer-term trendline still lies far below current price – suggesting a potential move lower.
3. The 200-day moving average could act as a price magnet, hinting at further downside potential.
Technicals: Bearish
Fundamentals: Mixed
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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.