The price of gold seems poised for further decline as suggested by the technical indicators Bollinger Bands and MACD. The Bollinger Bands reveal that gold prices are nearing the lower boundary, signaling a downward pressure, while the MACD chart displays a negative divergence, reinforcing the outlook for a decrease in price.
This scenario bolsters the belief that gold may continue on a bearish trend in the near future, opening up more opportunities for additional declines.
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On the 15-minute chart, gold is demonstrating bearish signals as the prices have dropped below the running price, suggesting selling opportunities. Additionally, the sharp decline of the CCI from an oversold condition adds to the likelihood of a downward movement. If this scenario unfolds as expected, the price of gold could approach the support level at $2,595.00.
Technical Reference: sell while under 2,620.00
Potential Stop Loss 1: 2,615.00
Potential Stop Loss 2: 2,620.00
Potential Take Profit 1: 2,600.00
Potential Take Profit 2: 2,595.00
