Gold price plummeted from 3,325 to 3,237 USD/ounce after the US and China reached a temporary agreement to reduce taxes. The stock market is up, the USD is strong, money flows out of gold. I see selling pressure clearly dominating.
On H1, the price is still below EMA34 and EMA89, recovering weakly around 3,260. H4 confirms the downtrend that has been formed before. If it does not surpass 3,270, I am inclined to believe that gold will continue to fall to 3,200 – 3,180.
On H1, the price is still below EMA34 and EMA89, recovering weakly around 3,260. H4 confirms the downtrend that has been formed before. If it does not surpass 3,270, I am inclined to believe that gold will continue to fall to 3,200 – 3,180.
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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.