Gold | Continuing the downward trend or hitting a price ceiling!

Gold is in a downtrend with decreasing prices. The important support range we have is 2150 - 2155. Gold has tested this support several times over the past 2 days and the strength of the support is very high and has not been broken.

Now we need to see the reaction of this range for the coming week. Considering the formation of a descending triangle pattern by the trend line and this support, we should expect the breakdown of one of these.

If this support is to be broken, we expect a strong price decrease in gold to 2132 and below. But if the downtrend line is broken, our first target will be 2195 and then higher at 2148 (hitting a new price ceiling). 📉📈

Comment:

2195

Trade closed: target reached