Technical Analysis: Continued Downward Trend for Gold
Gold continues to decline despite the decrease in US Treasury bond yields and a weaker US dollar. XAUUSD faces challenges in capitalizing on the weaker-than-expected global PMI announced by S&P, fueling speculation about the Fed's potential interest rate cuts.
From a technical standpoint, it seems that gold will persist in its downward trend. On the 4-hour chart, the downward trend is clearly evident. The SMA 100 shows signs of slight increase, indicating a limitation in short-term price increases, while the SMA 20 is trending downwards relative to longer SMA.
From a technical standpoint, it seems that gold will persist in its downward trend. On the 4-hour chart, the downward trend is clearly evident. The SMA 100 shows signs of slight increase, indicating a limitation in short-term price increases, while the SMA 20 is trending downwards relative to longer SMA.
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