A Pullback!
Delve into the recent downtrend in gold prices, marked by a break in key support and ascending trend lines. Explore the technical analysis indicating a bearish outlook, with a pullback suggesting potential retesting of broken support levels and further exploration of new levels.
12/12/20231 min read
Gold have recently experienced a significant downward trend.
This decline started with the breaking of the support line and the ascending trend line, indicating a major shift in market dynamics.
Technical analysis reveals that gold has reached and broken through the first determined support level, which is typically a bearish indicator for price trends.
Currently, we are witnessing a pullback, where the price is returning to the previously broken support level.
This is a common occurrence in financial markets, where prices retest a key level after a breakout to confirm the break. Considering this trend, gold prices are expected to continue exploring and touching the next support levels.