Dear Traders!
As Karina Bella mentioned in last week's analysis, XAUUSD has experienced a period of recovery but remains within a long-term downtrend. The key support zone around $2,832 has provided a temporary bounce, but notably, gold has yet to break through the strong resistance at $2,930.
Currently, the precious metal is trading around $2,913, with no clear signs of a trend reversal. Looking at the chart, the descending trendline continues to act as a major resistance, with two prior rejections confirming strong selling pressure. This suggests that bears still dominate the market.
Moreover, the current price structure indicates a potential breakdown of the nearest support level, which could trigger a deeper decline toward the $2,850 - $2,840 zone, or even lower. If this scenario unfolds, the bearish trend will be further reinforced, opening the door for a stronger sell-off.
Karina remains firmly bearish in the short term. As long as $2,930 remains unbroken, the sell-side bias remains the priority. If the current support level fails, gold is likely to continue its downward correction.
What do you think about this scenario? Will gold hold its ground, or is it on the verge of breaking support to continue its decline? Share your thoughts below!
As Karina Bella mentioned in last week's analysis, XAUUSD has experienced a period of recovery but remains within a long-term downtrend. The key support zone around $2,832 has provided a temporary bounce, but notably, gold has yet to break through the strong resistance at $2,930.
Currently, the precious metal is trading around $2,913, with no clear signs of a trend reversal. Looking at the chart, the descending trendline continues to act as a major resistance, with two prior rejections confirming strong selling pressure. This suggests that bears still dominate the market.
Moreover, the current price structure indicates a potential breakdown of the nearest support level, which could trigger a deeper decline toward the $2,850 - $2,840 zone, or even lower. If this scenario unfolds, the bearish trend will be further reinforced, opening the door for a stronger sell-off.
Karina remains firmly bearish in the short term. As long as $2,930 remains unbroken, the sell-side bias remains the priority. If the current support level fails, gold is likely to continue its downward correction.
What do you think about this scenario? Will gold hold its ground, or is it on the verge of breaking support to continue its decline? Share your thoughts below!
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Related publications
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.