Gold has faced selling pressure after breaking through the bullish support channel, which was previously a key defensive barrier in the upward trend. This breakout indicates that the bullish momentum is starting to fade, paving the way for a possible decline in prices.
Furthermore, the selling pressure is becoming more evident as prices trade below the middle Bollinger Bands, signaling a potential trend reversal towards a bearish outlook. If the selling continues, Gold risks dropping further toward the next support area, which is a critical level for future price movements.
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Gold is beginning to show signs of a downward trend as the Commodity Channel Index (CCI) has exited the overbought area on a 15-minute timeframe. This weakening CCI suggests that the previous bullish momentum is subsiding, which could allow for increased selling pressure. Should prices continue to hover below the nearest resistance level and fail to return to the bullish zone, Gold may test the support level of 2,890.
Technical Reference: buy while above 2,940.00
Potential Take Profit 1: 2,930.00
Potential Take Profit 2: 2,940.00
Potential Stop Loss 1: 2,898.00
Potential Stop Loss 2: 2,890.00
