Gold Downtrend
Based on the 1-hour chart of gold trading against the USD, I see a few key points for investors to pay attention to. After a strong rally, gold has seen a significant drop, with the price breaking below both the 34 EMA and 89 EMA, suggesting that a short-term downtrend may be forming.
From a technical perspective, the crossover between the two EMAs has previously been a sign of a trend change, and the current price holding below these lines suggests that selling pressure may continue. This rapid decline could be the result of investors taking profits after the price reached new highs.
From a technical perspective, the crossover between the two EMAs has previously been a sign of a trend change, and the current price holding below these lines suggests that selling pressure may continue. This rapid decline could be the result of investors taking profits after the price reached new highs.
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