Gold is increasingly showcasing bearish pressure after it succeeded in breaching the bullish support channel, indicating that selling momentum is becoming dominant. The Moving Average (MA) indicator is currently on a downward trend, confirming a shift in momentum towards bearish territory.
Additionally, the MACD is also providing negative signals, with the MACD line positioned below the signal line and the histogram continuing to decline. This situation illustrates that selling pressure remains robust, and gold may experience further weakness if it remains below the critical support area.
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Gold is likely to continue its downward trend as a bearish structure begins to take shape on the 15-minute timeframe, suggesting that selling pressure is intensifying. The MACD indicator further emphasizes the bearish scenario, with the MACD line staying below the signal line, indicating that the downward momentum still prevails. If the price remains below the nearest resistance level without any significant buying push, there is a higher chance for further declines to test the support level at $2,869.
Technical Reference: sell while under 2,911.00
Potential Stop Loss 1: 2,902.00
Potential Stop Loss 2: 2,911.00
Potential Take Profit 1: 2,876.00
Potential Take Profit 2: 2,869.00
