Double Top Analysis Warns of Bearish Risk
Gold prices are currently showing clear signs of weakness after failing to break above the high resistance area around $2,630. The price’s repeated testing and failure to break above this area has formed a double top, which is a warning sign for an upcoming bearish trend.
Prices have now started to break above the 89-day EMA, a short-term bearish indicator, heading towards the next support level around $2,590. A break below this level could further reinforce the bearish trend, leading to a deeper decline towards the $2,550 level.
Prices have now started to break above the 89-day EMA, a short-term bearish indicator, heading towards the next support level around $2,590. A break below this level could further reinforce the bearish trend, leading to a deeper decline towards the $2,550 level.
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