Chart Analysis: Gold's Downward Trend and Potential Rebound
Gold hit its lowest price of the week at 2,354 USD in Wednesday's US trading session, failing to surpass the 2,400 USD mark. The inability to reach the 2,400 USD milestone has cast uncertainty over Gold's upward momentum, leading to a decline in its price.
Looking at the 1-hour chart, we can observe the downward trend of the gold price based on trading below the Simple Moving Averages (SMA). Despite signs of adjustment and recovery, the market remains unstable. Predictions suggest that the price may recover to the SMA 100 level before continuing its sharp decline.
Looking at the 1-hour chart, we can observe the downward trend of the gold price based on trading below the Simple Moving Averages (SMA). Despite signs of adjustment and recovery, the market remains unstable. Predictions suggest that the price may recover to the SMA 100 level before continuing its sharp decline.
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