Gold in a Downward Channel, Testing Resistance at $2,642.880
Gold is currently moving within a downward price channel. The price is hovering around $2,613.890 after hitting a low of $2,594.184. This level is within a short-term downtrend, as the price channel slopes down.
The EMA 34 and EMA 89 are exerting selling pressure, reinforcing the short-term downtrend. However, if gold rebounds from the $2,594.184 support, it may challenge the next resistance at $2,642.880. Breaking this resistance will determine whether a short-term recovery or deeper decline follows.
Gold has dropped for six consecutive sessions as of Wednesday (October 9), driven by a stronger USD and diminishing expectations of a significant rate cut in November 2024.
The EMA 34 and EMA 89 are exerting selling pressure, reinforcing the short-term downtrend. However, if gold rebounds from the $2,594.184 support, it may challenge the next resistance at $2,642.880. Breaking this resistance will determine whether a short-term recovery or deeper decline follows.
Gold has dropped for six consecutive sessions as of Wednesday (October 9), driven by a stronger USD and diminishing expectations of a significant rate cut in November 2024.
🚀 Join my Telegram channel now: t.me/+vAVaVA4Z5rFlMDVl to receive super-fast and super-accurate trading signals 📈. With a win rate of up to 85%, success is just a click away! 🔥
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.