The price of Gold is still under pressure following the establishment of a bearish channel, indicating that the downward trend remains prevalent. Simultaneously, the Stochastic indicator is situated in the oversold territory, suggesting a potential technical correction before the ongoing bearish trend resumes. Currently, prices are hovering near the lower boundary of the channel, which often serves as a temporary rebound point before resuming the downward movement.
While there is a chance of a short-term rebound, if prices continue to stay within the bearish channel, any rallies may present opportunities for sellers to re-enter the market, increasing the likelihood of further declines.
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The Gold price clearly illustrates a bearish structure on the 15-minute chart, indicating that selling pressure continues to prevail. The Commodity Channel Index (CCI) reinforces the bearish sentiment by remaining in negative territory, indicating a strong downward momentum. Should prices fail to break through the nearest resistance, the downward trend could extend with the next support target positioned lower at $3,000.
Technical Reference: sell while below 3,033
Potential Stop Loss 1: 3,028
Potential Stop Loss 2: 3,033
Potential Take Profit 1: 3,005
Potential Take Profit 2: 3,000
