Gold shows signs of potential recovery and price decline
Dear friends, looking at the chart in general, we can see that gold is trading relatively calmly above a high level with a sharp downward trend on the 4-hour time frame.
The EMA 34 technical indicator shows signs of a reversal in gold prices in the price decline zone, which means that the price could touch the 2050 USD level before any downward scenario occurs according to the previous downward trend of the precious metal market.
However, if a downward scenario occurs, the next target for gold could be the old support level of 2015 USD. As long as it remains stable above this level, we can speculate on a new scenario within the narrow range of this long-term market.
The EMA 34 technical indicator shows signs of a reversal in gold prices in the price decline zone, which means that the price could touch the 2050 USD level before any downward scenario occurs according to the previous downward trend of the precious metal market.
However, if a downward scenario occurs, the next target for gold could be the old support level of 2015 USD. As long as it remains stable above this level, we can speculate on a new scenario within the narrow range of this long-term market.
Trade closed: target reached
