Gold fell sharply last Friday. It weakened gradually during the Asian and European sessions, then accelerated lower in the US session, declining steadily throughout the day and closing with a large bearish daily candle.
On the 2-hour chart, gold has broken below the 3975 support level. The MA20 is near 3966, and the moving averages remain in a standard bearish alignment.
The MACD lines continue to move lower below the zero line, while the bearish momentum bars keep expanding. Downward pressure remains strong for now.
Today, the initial outlook is for the downward momentum to continue. The key is to watch for shorting opportunities during the European and US sessions.
Resistance is at 3930 and 3950. If prices rebound to either level, consider scaling into short positions. A decisive break below 3870 would put 3850 and 3800 in focus.
Gold has just broken below its previous low, and bearish sentiment is strong. There are no signs of a bottom for now, so don’t rush to buy the dip. This is market analysis only and does not constitute investment advice. #xau
On the 2-hour chart, gold has broken below the 3975 support level. The MA20 is near 3966, and the moving averages remain in a standard bearish alignment.
The MACD lines continue to move lower below the zero line, while the bearish momentum bars keep expanding. Downward pressure remains strong for now.
Today, the initial outlook is for the downward momentum to continue. The key is to watch for shorting opportunities during the European and US sessions.
Resistance is at 3930 and 3950. If prices rebound to either level, consider scaling into short positions. A decisive break below 3870 would put 3850 and 3800 in focus.
Gold has just broken below its previous low, and bearish sentiment is strong. There are no signs of a bottom for now, so don’t rush to buy the dip. This is market analysis only and does not constitute investment advice. #xau
