GOLD: Gold is Currently Maintaining its Accelerated Downward Trend Following the Breakout
$S&P 500(.SPX)$Technical Analysis: Gold is currently maintaining its accelerated downward trend following the breakout.
Previous Price Action: After a volatile rebound, the price encountered resistance at the upper boundary (around the 4538.60–4555.40 zone) and subsequently entered a downtrend channel characterized by progressively lower highs and lower lows.
It has now broken through several local support lows within the previous consolidation range (around 4454.60), with the current price quoted at 4438. This breakout pattern indicates that bearish momentum is accelerating!
Expected Movement: The price is expected to continue its downward trajectory—either directly or following a minor, weak correction—to test support levels. The primary target is the previous low near 4424.
If the price stabilizes near 4420, the market may initiate a technical rebound from this level. For trading, continue to focus on Sell positions!
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