GOLD VS EUROКороткая
Gold vs Euro: Decline Amid Peace Prospects
Technical Analysis
In the hourly timeframe, gold's decline from the higher €2600 range to current levels around €2499.52 has been pronounced. The downtrend is confirmed by strong selling pressure, with the price breaking below the 100-period weighted moving average (WMA). Gold remains firmly within the lower half of the Bollinger Bands, suggesting persistent bearish momentum with no solid signs of support emerging yet.
The immediate key support level is positioned at €2491.68, corresponding to the 61.8% Fibonacci retracement. Should this support break, the next downside targets include the 127.2% Fibonacci extension at €2484.61, followed by €2480.92 at the 141.4% extension, and €2475.61 at the 161.8% extension. A continued downward move may drive the price towards the 200% Fibonacci extension at €2465.68 if the bearish momentum persists.
Bollinger Bands continue sloping downward, with the price hovering near the lower band, indicating elevated volatility and sustained selling pressure. The inability of the price to rebound towards the middle band underscores the weak buying interest currently prevailing in the market.
A potential bullish scenario emerges if gold prices reclaim the 61.8% Fibonacci level at €2501.61 and sustain above it.
In the hourly timeframe, gold's decline from the higher €2600 range to current levels around €2499.52 has been pronounced. The downtrend is confirmed by strong selling pressure, with the price breaking below the 100-period weighted moving average (WMA). Gold remains firmly within the lower half of the Bollinger Bands, suggesting persistent bearish momentum with no solid signs of support emerging yet.
The immediate key support level is positioned at €2491.68, corresponding to the 61.8% Fibonacci retracement. Should this support break, the next downside targets include the 127.2% Fibonacci extension at €2484.61, followed by €2480.92 at the 141.4% extension, and €2475.61 at the 161.8% extension. A continued downward move may drive the price towards the 200% Fibonacci extension at €2465.68 if the bearish momentum persists.
Bollinger Bands continue sloping downward, with the price hovering near the lower band, indicating elevated volatility and sustained selling pressure. The inability of the price to rebound towards the middle band underscores the weak buying interest currently prevailing in the market.
A potential bullish scenario emerges if gold prices reclaim the 61.8% Fibonacci level at €2501.61 and sustain above it.
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