The price of Gold is once again displaying significant weakness after breaching a critical support level within a bearish channel. This decline is further corroborated by technical indicators, such as the 24-period Moving Average (MA), which reveals that prices consistently remain below the average line. This condition indicates a prevailing selling pressure in the market, reinforcing the ongoing bearish trend.
Additionally, the MACD indicator is confirming negative momentum. The MACD histogram displays increasingly lower values, while the MACD line has crossed below its signal line. The combination of the bearish channel breach, the price’s position below the MA, and the strengthening MACD signal provides solid evidence that Gold prices may continue to weaken in the near future.
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Gold prices remain under pressure on the 15-minute timeframe following the breach of a significant support level within the bearish channel. The movement of prices below the descending 24-period Moving Average reinforces the selling pressure, while the MACD supports the weakening momentum with consistent negative signals. If the scenario outlined above holds, Gold may test the support level of 2,725.
Technical Reference: sell as long as 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
