The price of Gold continues to show signs of decline after breaking below the bullish channel, indicating a shift towards a stronger selling pressure. This break below was followed by a brief pullback from the lower band of the Bollinger Bands, providing traders with a chance to re-enter their positions before the bearish trend resumes.
The MACD indicator further supports the bearish signal with an increasingly negative histogram and the MACD line sitting below the signal line. This technical combination reflects a solidifying selling momentum.
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On the 15-minute chart, Gold presents bearish signals as the price is now below the current price, indicating selling opportunities. Additionally, the MACD is currently in negative territory, adding to the downward potential. If this scenario unfolds as anticipated, the Gold price could move towards the support level at $2,655.00.
Technical Reference: sell while below 2,685.00
Potential Stop Loss 1: 2,680.00
Potential Stop Loss 2: 2,685.00
Potential Take Profit 1: 2,660.00
Potential Take Profit 2: 2,655.00
