During today's session we can observe solid declines in the gold market, which has to do with the strengthening of the US dollar - supported by strong claims and yesterday Fed minutes. GOLD quotations broke below the key support zone of $ 1905-1900 yesterday, and today failed to return above, which resulted in a deepening of the discount. According to the assumptions of classical technical analysis, as long as the cus is below the mentioned zone, further sell-offs are possible. The nearest important support falls only at $1856.
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Create account Try a demo Download mobile app Download mobile appGOLD interval D1. Source: xStation5
Looking at the H1 interval, we observe a strong downtrend. Today the price tried to go above the $1900 level, but the attempt failed, followed by the establishment of a new minimum. As long as the price does not return above the average, the downtrend is in force.
GOLD interval H1. Source: xStation5
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