Dear friends, as predicted earlier, Gold has been facing difficulties in reaching the $2000 mark. The upward momentum of Gold has been hindered by various factors, including the loose monetary policies of many countries around the world.
From the 1-hour chart, we can see that after breaking out of the uptrend channel and the descending pennant pattern, the price of Gold has dropped significantly.
At the time of writing, the price is trading at $1978, but there is no strong motivation for it to rise again. My viewpoint is that it will continue to decline with an expected target of $1964. If this level is broken, the selling pressure may drive it towards a lower support level at $1953. This downward trend will persist until there is any catalyst for the price to increase again. Do you agree with my analysis? What is your perspective?
From the 1-hour chart, we can see that after breaking out of the uptrend channel and the descending pennant pattern, the price of Gold has dropped significantly.
At the time of writing, the price is trading at $1978, but there is no strong motivation for it to rise again. My viewpoint is that it will continue to decline with an expected target of $1964. If this level is broken, the selling pressure may drive it towards a lower support level at $1953. This downward trend will persist until there is any catalyst for the price to increase again. Do you agree with my analysis? What is your perspective?
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