Gold price decreased but the upward momentum remained the same

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In general, the main trend of gold in the past week has been a decline, with a decrease of over $40 during the week.

However, when looking at the long term on a daily chart, gold still maintains a strong upward trend with a stable ascending trendline. Gold has experienced a week of price decline as a corrective wave, testing the EMA 34 line at $2045 and the upcoming prospects are expected to test the EMA 89 line at around $2019.

We can expect gold to recover from this point as it touches the trendline and finds support at that level (as marked on the chart).
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