Will Gold Slide to $2,578 Amid Bearish Pressure?
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Gold (XAU/USD) shows strong bearish momentum across multiple timeframes, with the price consistently trading below key SMAs, reinforcing downward pressure. The rejection from the $2,640 resistance zone and the descending trendline aligns with the bearish continuation pattern within the ascending channel. A confirmed breakout below the channel’s lower boundary could drive the price to the $2,578 target, a critical support level.
Key Levels to Watch:
• Resistance: $2,640
• Support: $2,578
Key Levels to Watch:
• Resistance: $2,640
• Support: $2,578
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