GOLD → A reversal pattern for a further fall
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Hello, my wonderful friends, Ben here!
Gold prices are currently testing key levels of interest during a corrective phase against the trend, following a breakout from a significant level. The fundamental backdrop is not particularly favorable, with the market under consistent downward pressure.
The bearish sentiment around gold is intensifying as U.S. Treasury yields continue to climb, and the USD strengthens toward the end of the week, reducing the appeal of the precious metal. Notably, the US Dollar Index has recorded its fourth consecutive week of gains, while the 10-year U.S. Treasury yield remains near its highest level since early May.
Looking ahead, the market's focus remains on the return of President-elect Donald Trump and the potential impact of his inflationary policies, which could have significant implications for the Federal Reserve's outlook in 2025. Stay cautious!
From a technical perspective, the price is currently trading within a short-term descending channel, formed after the termination of a rising wedge pattern. The outlook suggests a higher probability of further declines. The 2622 level is a critical threshold—if sellers maintain pressure below this zone, the downtrend could extend further, with potential targets at 2605 and 2596, among others.
Best regards,
Bentradegold!
Gold prices are currently testing key levels of interest during a corrective phase against the trend, following a breakout from a significant level. The fundamental backdrop is not particularly favorable, with the market under consistent downward pressure.
The bearish sentiment around gold is intensifying as U.S. Treasury yields continue to climb, and the USD strengthens toward the end of the week, reducing the appeal of the precious metal. Notably, the US Dollar Index has recorded its fourth consecutive week of gains, while the 10-year U.S. Treasury yield remains near its highest level since early May.
Looking ahead, the market's focus remains on the return of President-elect Donald Trump and the potential impact of his inflationary policies, which could have significant implications for the Federal Reserve's outlook in 2025. Stay cautious!
From a technical perspective, the price is currently trading within a short-term descending channel, formed after the termination of a rising wedge pattern. The outlook suggests a higher probability of further declines. The 2622 level is a critical threshold—if sellers maintain pressure below this zone, the downtrend could extend further, with potential targets at 2605 and 2596, among others.
Best regards,
Bentradegold!
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