Gold Price Today: Popular Selling Strategy
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Hello dear traders! Today, the gold market continued to decline sharply, reaching $2635, losing more than 100 pips after yesterday's trading session. This comes from a strong wave of profit-taking by short-term investors as the third quarter of 2024 ends. At the same time, the rebound of the USD has pushed gold prices into a more difficult position.
On the technical chart, the downtrend remains firmly maintained as the parallel downtrend channel has not shown any signs of weakening. In particular, the EMA 34 and 89 have reversed, confirming that the price trend continues to face difficulties. Currently, any short-term recovery is a great opportunity to short. Traders can take this opportunity to continue targeting potential targets such as $2630 and further to $2615 - $2605.
On the technical chart, the downtrend remains firmly maintained as the parallel downtrend channel has not shown any signs of weakening. In particular, the EMA 34 and 89 have reversed, confirming that the price trend continues to face difficulties. Currently, any short-term recovery is a great opportunity to short. Traders can take this opportunity to continue targeting potential targets such as $2630 and further to $2615 - $2605.
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