The price of gold has reversed and is declining during the European session, likely continuing to experience bearish pressure after successfully breaking below the Bollinger Bands’ lower threshold. This breach indicates a strong selling dominance in the market, as price movements outside the lower Bollinger Bands are often interpreted as a sign of weakening bullish momentum. Such conditions create opportunities for gold to further decline towards the next support level.
The MACD indicator also reinforces the bearish signal, with an increasingly negative histogram and the MACD line positioned below the signal line. This technical combination reflects a solidifying selling momentum. Traders are advised to monitor the upcoming support levels as potential targets for forthcoming movements.
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On the 15-minute chart, gold is displaying bearish signals as the price is currently below the running price, indicating a selling opportunity. Additionally, the MACD is now in negative territory, further enhancing the potential for price decline. If this scenario unfolds as anticipated, the price of gold could move towards the support level at $2,660.00.
Technical Reference: sell while below 2,695.00
Potential Stop Loss 1: 2,690.00
Potential Stop Loss 2: 2,695.00
Potential Take Profit 1: 2,665.00
Potential Take Profit 2: 2,660.00
