Gold Prices Break Below the EMA-200 Aiming for the 1780 Level On
On the hourly chart, gold prices have completed a bearish breakdown by closing below the EMA-200. This breakdown occurred after a consolidation move with a seemingly three-tops pattern that formed after a bullish trend.
The short-term target area for gold price is 1786.12-1782.90, with 1776.60-1773.50 as the next bearish targets below.
In the contrary case, a close above the EMA-200 would invalidate the previous hypothesis and push gold prices back to 1808.12.
The short-term target area for gold price is 1786.12-1782.90, with 1776.60-1773.50 as the next bearish targets below.
In the contrary case, a close above the EMA-200 would invalidate the previous hypothesis and push gold prices back to 1808.12.
Trade closed: target reached