Technical analysis shows that GOLD is likely to decline
Gold prices did not fluctuate much last Friday, basically oscillating around 2065, with an amplitude of $16, and finally closed with a Doji Star with long upper and lower shadows. It was a continuous trend from last Thursday. Recently, with the lack of crucial data and speeches, gold prices' volatility has fallen. The Red Sea situation continued to heat up last Saturday, and with the influence of geopolitics, gold prices could be supported. However, with optimistic rate-cut expectations to be adjusted, the overall gold price lacks direction, so it will mainly fluctuate!
Looking at the technical chart, the current gold price is still under pressure in the resistance area of 2075-2080, which also indicates that gold prices do not have the momentum to break through that range in the short term. Judging from the 1-hour chart, the MACD golden cross began to widen, so a rebound can be seen at the hourly level. Investors need to watch for resistance near the MA60 around 2073. However, the MACD death cross in the 4-hour chart began to widen. It is estimated that gold has limited room for a rebound during the day. At the same time, the bearish divergence in the daily chart is prominent,so we do not recommend medium-term bullish investors buy gold now. Today, aggressive traders can still buy low and sell high in the range of 2055-2073.
Looking at the technical chart, the current gold price is still under pressure in the resistance area of 2075-2080, which also indicates that gold prices do not have the momentum to break through that range in the short term. Judging from the 1-hour chart, the MACD golden cross began to widen, so a rebound can be seen at the hourly level. Investors need to watch for resistance near the MA60 around 2073. However, the MACD death cross in the 4-hour chart began to widen. It is estimated that gold has limited room for a rebound during the day. At the same time, the bearish divergence in the daily chart is prominent,so we do not recommend medium-term bullish investors buy gold now. Today, aggressive traders can still buy low and sell high in the range of 2055-2073.
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