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Gold Technical Analysis
It appears that the price of gold is heading for further decline; let us examine the chart indicators that lead to this forecast.
Daily Chart
On the daily chart, the gold price had been trading within rising price channels representing the trend over the past two months, finding support at the monthly pivot level of 4387.35.
Subsequently, the price encountered resistance at the channel midlines and began to decline, successfully breaking below both the price channels and the monthly pivot level.
Consequently, on the daily chart, the gold price is expected to move toward the monthly support level of 4078.46—a critical level.
Either the price will find support here to resume the uptrend and target the 4387.35 level,
Or this support will be broken, leading to a target at the annual support level of 3830.
This brings us to the weekly chart:
On the weekly chart, the gold price has successfully broken below the rising price channels that defined the trend over the previous two years.
However, a similar breakout occurred previously, and the annual pivot zone at 3830 succeeded in pushing the price back up.
Will this price action repeat itself, with gold finding support at the 3830 level? This is what needs to be monitored.
The trading recommendation is to focus on selling opportunities as long as the price trades below the 4387.00 and 4078.00 levels.
Buying is an option if bullish price action emerges at the 4078.00 support level.
Buying is also possible above the 4387 level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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