The Gold market is once again capturing the attention of investors as it displays technical indicators pointing towards a possible further decline. The recent price action indicates a retracement from the previously breached bearish channel support. Meanwhile, the breakout at the lower Bollinger Bands area reinforces the selling pressure signals.
The converging Bollinger Bands suggest that volatility is beginning to rise, especially since prices have crossed beneath the lower Bollinger Band. Should the selling pressure persist, Gold could continue its downward movement.
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On the 15-minute chart, Gold exhibits bearish signals as the moving average is now positioned above the current price, indicating a selling opportunity. Additionally, the Stochastic indicator has sharply declined from the oversold territory, increasing the likelihood of further downward movement. If this scenario unfolds as anticipated, Gold prices could reach the support level at $2,656.00.
Technical Reference: sell as long as it remains below 2,684.00
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: 2,656.00
