The price of gold has experienced downward pressure after breaking through the lower boundary of a bearish channel. Technical confirmations from the Moving Average (MA) indicate that prices are now trading below the MA line, signifying a strong downtrend.
The MACD indicator also corroborates the bearish signals with a negative crossover and a weakening histogram, reflecting the dominance of selling pressure. The combined signals from MA and MACD reinforce the likelihood of gold continuing its downward trajectory, particularly in the context of a strengthening US dollar.
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In the 15-minute chart, gold exhibits bearish signals as prices are currently positioned below the running price, indicating potential selling opportunities. Additionally, the sharp decline in the CCI from oversold conditions further enhances the prospects for a price drop. Should this scenario unfold as anticipated, gold prices may target the support level at $2,620.00.
Technical Reference: sell while below 2,653.00
Potential Stop Loss 1: 2,647.00
Potential Stop Loss 2: 2,653.00
Potential Take Profit 1: 2,623.00
Potential Take Profit 2: 2,620.00
