Yesterday after surpassing the resistance level of the 2017 uptrend channel
This breakout has confirmed a new downward trend for gold, following a period of wide-ranging sideways movement. Expectations are now leaning towards a further decline to deeper price levels.
This price decline is predicted to bring gold back to lower price ranges, reflecting market sentiment and adjustment following a growth phase.
Before resuming the downward trend, gold prices may experience a temporary rebound around the 2306-2309 range.
Based on technical analysis and market sentiment, Libra forecasts that the downward trend in gold may continue in the short term, targeting prices around 2280.
This breakout has confirmed a new downward trend for gold, following a period of wide-ranging sideways movement. Expectations are now leaning towards a further decline to deeper price levels.
This price decline is predicted to bring gold back to lower price ranges, reflecting market sentiment and adjustment following a growth phase.
Before resuming the downward trend, gold prices may experience a temporary rebound around the 2306-2309 range.
Based on technical analysis and market sentiment, Libra forecasts that the downward trend in gold may continue in the short term, targeting prices around 2280.
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