Gold Price Continues Downtrend After Breaking Upward Trend Line
The current gold price chart shows that there has been a breakout from the previous upward trend line, while the price is also falling below the EMA 34 and EMA 89, confirming the downtrend. With strong selling pressure after the breakout, there is a high possibility that the gold price will continue to decline towards the important support zone around $2,713/ounce.
For trading strategy, you can consider selling orders if the price fails to break above the EMAs, targeting the support zone near $2,713. Conversely, if the price stays above this support zone, there may be a short-term recovery before continuing the main trend.
For trading strategy, you can consider selling orders if the price fails to break above the EMAs, targeting the support zone near $2,713. Conversely, if the price stays above this support zone, there may be a short-term recovery before continuing the main trend.
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