The price of Gold has once again encountered significant selling pressure, following a break low at the hourly support level and a subsequent pullback, suggesting a potential continuation of the bearish trend. The zigzag pattern forming new lows also signals that the ongoing bullish trend is losing momentum. The bearish trend indicated by the Moving Average (MA) and a negative MACD further reinforces the selling pressure, increasing the likelihood of a price decline in the near term.
As the US trading session approaches tonight, selling pressure is expected to remain prevalent. Given the combination of technical signals that indicate a weakness in buyers, Gold may continue to fall, testing the next support level. Traders are advised to stay vigilant regarding price movements and keep an eye on nearby support areas to manage risk, especially in case of a brief rebound.
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The price of Gold is now under selling pressure again after a break low within the bullish channel, confirming signs of short-term weakness on the 15-minute time frame. The technical combination of a declining Moving Average (MA), a bearish zigzag pattern, and a MACD in negative territory strengthens the dominance of sellers, making it likely that Gold will continue to slide to test the support area at $3,930.
Technical Reference: sell while below 4,028
Potential Stop Loss 1: 4,013
Potential Stop Loss 2: 4,028
Potential Take Profit 1: 3,953
Potential Take Profit 2: 3,942
