The price of gold continues to operate within a bearish channel, indicating that selling pressure is firmly influencing price movements. Any attempts at recovery appear to be thwarted at a dynamic resistance level, further emphasized by the position of the Moving Average (MA) that consistently drives prices downward. This situation suggests that sellers remain in control of the market, and the likelihood of continued decline increases if prices fail to break through the upper boundary of the bearish channel.
Additionally, the Stochastic indicator resting in the overbought territory signals a tightening upward momentum, heightening the potential for a reversal downward. Should the selling pressure persist, gold is at risk of plummeting further toward the next support level.
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The gold price clearly exhibits a downward structure on the 15-minute chart, demonstrating that selling pressure remains prevalent. The Commodity Channel Index (CCI) further confirms the potential for a bearish move by staying in negative territory, reflecting strong downward momentum. If prices do not break through the nearest resistance, the downward trend may continue with the next lower support target at $3.005.
Technical Reference: sell when below 3.035
Potential Stop Loss 1: 3.030
Potential Stop Loss 2: 3.035
Potential Take Profit 1: 3.010
Potential Take Profit 2: 3.005
