Overview- Gold has been considered a highly valuable commodity for millennia and it has been followed largely in the financial market around the world. Gold faces the downside momentum We can see that the pair is maintaining its strong bearish side in the market, the pair is showing downside momentum and still trading below all the major and minor EMA lines. The way bears are reacting it seems like they are approaching the$1930 level. The gold price broke out of the falling wedge pattern this week. The Short term to the intermediate-term trend is down so in a downtrend market always sell on the high and covert every rise as a selling.
Technical analyst: From the technical perspective we can see that market is falling down and every swing is making successively lower lows and lower highs. The odds are in favor of bears and we will keep our view bearish on the pair. The chart is showing the gold is breaking the neckline and starts falling downward which gives confirmation of the bearishness in the market. The major support $1930 followed by $1900 whereas and resistance level 1980 followed by $2000
On 1 hourly chart pair is trading below all the major and minor EMA lines which is a recent development. The RSI indicator is showing its level below 50 levels which is favoring the bears. The MACD indicator is showing a bearish crossover of the zero lines which is also favoring the bears.
Trade idea: Based on chart and studies we would recommend to our traders and investors that go for buy at $1867-70 target is $1830 & $1800 sl is $1900 level.
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