Gold continues its strong downtrend below 2170
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As expected yesterday, the support at 1975 was broken, giving a temporary advantage to the selling side. Overall, in today's trading session, a handle formation is taking shape. In theory, the price will quickly adjust to the previously broken liquidity area, which will provide the impetus to break away from the support level around 2055 USD.
From the 1-hour chart, the volume is still decreasing, and the price has halted after a sharp decline. The support level at 2055-2055 has been formed, and if the current correction is rejected at the resistance level of 2165-2170, it will increase the likelihood of breaking the support level. However, if buyers hold above 2170, the price may test local highs before further decline. The US dollar index is undergoing a correction from the resistance level, which also affects the gold market.
A declining handle is forming on the H1 chart. Breaking the support level at 2055 will provide momentum for lower levels.
I expect a correction after breaking the support at 2055. The consolidation of price below this level indicates that the market is ready to adjust before further decline.
As expected yesterday, the support at 1975 was broken, giving a temporary advantage to the selling side. Overall, in today's trading session, a handle formation is taking shape. In theory, the price will quickly adjust to the previously broken liquidity area, which will provide the impetus to break away from the support level around 2055 USD.
From the 1-hour chart, the volume is still decreasing, and the price has halted after a sharp decline. The support level at 2055-2055 has been formed, and if the current correction is rejected at the resistance level of 2165-2170, it will increase the likelihood of breaking the support level. However, if buyers hold above 2170, the price may test local highs before further decline. The US dollar index is undergoing a correction from the resistance level, which also affects the gold market.
A declining handle is forming on the H1 chart. Breaking the support level at 2055 will provide momentum for lower levels.
I expect a correction after breaking the support at 2055. The consolidation of price below this level indicates that the market is ready to adjust before further decline.
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