Downtrend and Short-Term Bullish Outlook for Gold
The price of gold experienced a modest decline towards the end of Tuesday's trading session in the U.S. after reaching a high of 2,334 USD. During the Asian trading session the following day, XAUUSD continued to drop to 2,323 USD, marking a decrease of 0.11%. Despite the weakening of the U.S. dollar following the release of weaker-than-expected U.S. PMI data, gold prices still couldn't sustain their upward momentum. This could be attributed to expectations regarding the Federal Reserve's potential interest rate cuts.
From a technical standpoint, there are indications that gold may continue to trend downwards. On the 1-hour chart, the downward trend is supported by technical indicators. Gold prices are currently operating between the Simple Moving Averages SMA 20 and SMA 50, signaling short-term bullishness. Anticipated that prices will test the SMA 50 before potentially experiencing further significant declines.
From a technical standpoint, there are indications that gold may continue to trend downwards. On the 1-hour chart, the downward trend is supported by technical indicators. Gold prices are currently operating between the Simple Moving Averages SMA 20 and SMA 50, signaling short-term bullishness. Anticipated that prices will test the SMA 50 before potentially experiencing further significant declines.
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Gold after testing SMA 50 and recovered and decline again
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