Gold price decreased but the upward momentum remained the same
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In general, the main trend of gold in the past week has been a decline, with a decrease of over $40 during the week.
However, when looking at the long term on a daily chart, gold still maintains a strong upward trend with a stable ascending trendline. Gold has experienced a week of price decline as a corrective wave, testing the EMA 34 line at $2045 and the upcoming prospects are expected to test the EMA 89 line at around $2019.
We can expect gold to recover from this point as it touches the trendline and finds support at that level (as marked on the chart).
However, when looking at the long term on a daily chart, gold still maintains a strong upward trend with a stable ascending trendline. Gold has experienced a week of price decline as a corrective wave, testing the EMA 34 line at $2045 and the upcoming prospects are expected to test the EMA 89 line at around $2019.
We can expect gold to recover from this point as it touches the trendline and finds support at that level (as marked on the chart).
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