Hello everyone, let’s explore and build a strategy for gold prices today!
As of now, gold has officially lost the psychological level of 3000 USD. This metal is currently moving around the 2980 USD mark and continues to drag its downtrend since last Friday.
Accordingly, gold is trading in a negative environment as the USD continues to benefit. In the early days of the week, gold lacks momentum due to the absence of any new announcements, causing buyers to remain hesitant and unable to intervene deeply in the market.
Looking at the technical picture, the descending channel remains strongly active and shows no signs of stopping. In the short term, the Bears are expected to stay dominant as the EMA 34 and 89 have issued reversal signals. The current defense level is set around 2965 USD. If this level is broken, selling should continue to be considered. On the other hand, the resistance level at 3020 USD should also be watched, as it represents an ideal selling point, aligning with the upper boundary of the trend channel.
Wishing you all happy and profitable trading!