The price of Gold appears to be facing a downturn tonight as it has breached a significant support level within a bearish channel. This decline is further substantiated by indicators such as the 24-period Moving Average (MA), which shows that prices have consistently remained below the average line. This scenario suggests a prevailing selling pressure in the market, thereby reinforcing the ongoing bearish trend.
Additionally, the MACD indicator confirms this negative momentum. The MACD histogram continues to reflect increasingly negative values, while the MACD line has crossed below its signal line. The concurrence of a breaklow bearish channel, the positioning of prices beneath the MA, and the strengthening of the MACD signal collectively indicate a robust possibility that Gold prices may experience further declines in the near term.
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The Gold price remains under pressure on the 15-minute timeframe after breaking through a crucial support level in the bearish channel. The movement of prices beneath the declining 24-period Moving Average (MA) emphasizes the dominance of selling pressure, while the MACD indicator consistently supports the weakening momentum with negative signals. If the previously outlined scenario unfolds, Gold is likely to test the support level of $2,725.
Technical Reference: sell while below 2,757.00
Potential Stop Loss 1: 2,757.00
Potential Stop Loss 2: 2,757.00
Potential Take Profit 1: 2,730.00
Potential Take Profit 2: 2,725.00
