GOLD, Further Decline Follows Up When Range Cant Be Hold!

Hello Traders Investors And Community, welcome to this analysis where we look at GOLD daily timeframe perspective. GOLD has shown a heavy decline bearish to the downside where it recently found support and forming some little uptrends which is normal after such heavy decline, currently we can not one hundred percent deny the bearish continuation scenario as the declines where just to strong therefore it is important to look at the situation in a neutral mind and do not overspeculate it as it is happening too often these days, in this case, I detected some importances which we should consider now next times.

Looking at my chart you can see that GOLD just bounced at the first ascending trendline marked in blue which is also matching with the 45-EMA marked in orange building up together support here which was strong enough to send GOLD into this nice little rally. Now GOLD is approach still strong resistance which it has between the 2010 and 2040 level marked in blue in my chart, when GOLD approaches this area there will highly likely follow a bounce back as this is a strong resistance, when GOLD does this it will test the first ascending blue trendline where it will highly likely break to the downside considering the strongness of resistance.

When GOLD shows up with the likely scenario and moves below the trendline it will approach the next sufficient support which it has firstly at the rising-trendline in red matching together with the 45-EMA in orange and building a coherent support-cluster here where a bounce to the upside is possible, this bounce can stabilize GOLD and possibly set up to form new growth but when this does not happen and GOLD shows bullish weakness further it can even fall more below the trendline pointing to the next EMA targets at the 100- and 200-EMA marked in black and blue in which a remaining possible stabilization can occur.

In this manner, thank you for watching, support for more market insight, all the best!

Information provided is only educational and should not be used to take action in the market.