Gold is in a downtrend and will fall sharply
Gold prices (XAU/USD) may find support at the 50 EMA in case the price breaks out of a sideways range after initially trading off the May highs.
XAU/USD has broken the main uptrend line and may be in a short-term downtrend. According to the mantra "the trend is the trend", the probability of price increase will continue to decrease. The 50 EMA at 2,310 USD and the May 3 low at 2,277 USD will be the final supports before gold prices fall further. The RSI indicator also dropped, surpassing level 50, further reinforcing this scenario.
On the contrary, the resistance levels to pay attention to are the EMA 20 at 2,350 USD and the main resistance is the 2,400 USD area, corresponding to the main trendline of the rising wave from the beginning of the year. To overcome these levels will require a lot of effort from buyers and enough momentum and is unlikely to happen in the short term.
XAU/USD has broken the main uptrend line and may be in a short-term downtrend. According to the mantra "the trend is the trend", the probability of price increase will continue to decrease. The 50 EMA at 2,310 USD and the May 3 low at 2,277 USD will be the final supports before gold prices fall further. The RSI indicator also dropped, surpassing level 50, further reinforcing this scenario.
On the contrary, the resistance levels to pay attention to are the EMA 20 at 2,350 USD and the main resistance is the 2,400 USD area, corresponding to the main trendline of the rising wave from the beginning of the year. To overcome these levels will require a lot of effort from buyers and enough momentum and is unlikely to happen in the short term.
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