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GOLD - Trade At The Bearish Zone
Gold remains in negative territory due to rising US yields.
Gold prices declined in the European market on Wednesday, marking the fourth consecutive day of losses, particularly after dropping below the $2,400 threshold. This decline is attributed to the ongoing recovery in the yield of US 10-year Treasury bonds.
The likelihood of the Federal Reserve reducing US interest rates by approximately 50 basis points in September has diminished, as investors await more substantial evidence regarding the magnitude of the anticipated cuts this year.
Generally, the direction is trying to be a bullish trend.
Downtrend Side: The bearish tendency is evident on the chart. The price may descend from the current zone, or after touching the resistance at 2400, it may push the price below 2391 and further down to below 2369.
Uptrend Side: Currently, the price is trading above 2391. As long as it remains above this level, it is likely that the price will first make a short correction around 2391 before starting to rise towards and above 2400, potentially reaching 2420.
Tendency Keys: 2391
Gold prices declined in the European market on Wednesday, marking the fourth consecutive day of losses, particularly after dropping below the $2,400 threshold. This decline is attributed to the ongoing recovery in the yield of US 10-year Treasury bonds.
The likelihood of the Federal Reserve reducing US interest rates by approximately 50 basis points in September has diminished, as investors await more substantial evidence regarding the magnitude of the anticipated cuts this year.
Generally, the direction is trying to be a bullish trend.
Downtrend Side: The bearish tendency is evident on the chart. The price may descend from the current zone, or after touching the resistance at 2400, it may push the price below 2391 and further down to below 2369.
Uptrend Side: Currently, the price is trading above 2391. As long as it remains above this level, it is likely that the price will first make a short correction around 2391 before starting to rise towards and above 2400, potentially reaching 2420.
Tendency Keys: 2391
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With Clear entry point and target line with stopout zone
~900 pips per week —— Accuracy more than 88%
with best learning
Be Stronger With us
THANKS for your support
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