Market Analysis – May 25
The Gold market has experienced a bearish breakout on the 24-hour chart after a long period of upward trend since the inception of March. The support level of 1978.0 has been bridged. Gold price appears ready for a dive.
Gold Key Levels
Demand Levels: 1890.0, 1804.0, 1693.0
Supply Levels: 2042.0, 2068.0, 2100.
Gold Long-Term Trend: Bearish
Gold experienced a major resistance at the supply level of 1987.0. This led to the price decline all through February. The bulls recovered in March after the formation of a double bottom at the start of the month. Gold’s upward movement was resumed at the support level of 1804.0
Gold has displayed a flag pattern on the daily chart. The decline in the bullish momentum turned the steep slope into a parallel channel. The supporting trendline failed to hold and has given way to the selling pressure.
Gold Short-Term Trend: Bearish
With the break of the 1978.0 key level, Gold is expected to plunge towards the next key level of 1890.0 to accomplish the sell-side delivery of the market.
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