Instead of breaking up the Goldprice dumped and has broken since the beginning of this negative mokve quite each possible support line.
It is now shortly before reaching an important zone:
the crossing from the long trend line - which has its beginnin in 2011 !!
and secondly a swing trend line coming from 2014
The existing negative trend channel is crossing through these lines - and so I think there will be a strong support for Gold.
Meanwhile RSI is in oversold terrain.
One should watch if the support will be strong enough to stop the dynamic downturn - and if yes, then one can re-invest with prudence.
To become bullish again Gold has to leave the negative trend channel to the top.
It is now shortly before reaching an important zone:
the crossing from the long trend line - which has its beginnin in 2011 !!
and secondly a swing trend line coming from 2014
The existing negative trend channel is crossing through these lines - and so I think there will be a strong support for Gold.
Meanwhile RSI is in oversold terrain.
One should watch if the support will be strong enough to stop the dynamic downturn - and if yes, then one can re-invest with prudence.
To become bullish again Gold has to leave the negative trend channel to the top.
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Seemingly the support has been strong enough to stop the fall.
RSI has left the oversold-area and MACD has just triggered to top - but still in bearisch area.
I think the most probable move will be the first green arrow till the upper limit of the descending trend channel.
RSI has left the oversold-area and MACD has just triggered to top - but still in bearisch area.
I think the most probable move will be the first green arrow till the upper limit of the descending trend channel.