Gold Price Analysis: Bearish Outlook and Target of 2454
Overview:
Gold has been showing a clear bearish trend since late last week, signaling more downside ahead. Here’s a breakdown of the current market structure and why I’m eyeing a move down to 2454.
Gold has been forming lower highs and lower lows, a typical sign of a bearish market. Buyers have struggled to push prices up, and each attempt has been met with stronger selling pressure.
- Lower Highs: The fact that gold can't break above previous highs suggests weakening bullish momentum.
- Lower Lows: Prices continue to break below support levels, showing that sellers are in control and driving the market lower.
Key Technical Levels:
- Resistance: Around 2500, sellers have stepped in repeatedly, making this a strong resistance zone.
- Support: The next key level to watch is 2454, where I expect gold might find some buying interest or potentially break lower.
Why I’m Targeting 2454
1. Market Sentiment: The current trend and technicals suggest sellers are in control, likely pushing gold down to 2454.
2. Economic Factors: A stronger U.S. dollar or rising interest rates could add to the selling pressure on gold.
3. Volume: Increasing volume on down days indicates institutional selling, which supports the bearish trend.
Conclusion:
Given the bearish structure, I’m planning to sell around 2490, targeting a move down to 2454. This level will be key—if it holds, we might see a bounce; if not, further declines could be on the horizon.
Overview:
Gold has been showing a clear bearish trend since late last week, signaling more downside ahead. Here’s a breakdown of the current market structure and why I’m eyeing a move down to 2454.
Gold has been forming lower highs and lower lows, a typical sign of a bearish market. Buyers have struggled to push prices up, and each attempt has been met with stronger selling pressure.
- Lower Highs: The fact that gold can't break above previous highs suggests weakening bullish momentum.
- Lower Lows: Prices continue to break below support levels, showing that sellers are in control and driving the market lower.
Key Technical Levels:
- Resistance: Around 2500, sellers have stepped in repeatedly, making this a strong resistance zone.
- Support: The next key level to watch is 2454, where I expect gold might find some buying interest or potentially break lower.
Why I’m Targeting 2454
1. Market Sentiment: The current trend and technicals suggest sellers are in control, likely pushing gold down to 2454.
2. Economic Factors: A stronger U.S. dollar or rising interest rates could add to the selling pressure on gold.
3. Volume: Increasing volume on down days indicates institutional selling, which supports the bearish trend.
Conclusion:
Given the bearish structure, I’m planning to sell around 2490, targeting a move down to 2454. This level will be key—if it holds, we might see a bounce; if not, further declines could be on the horizon.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.