Gold May Continue to Fall
The price of gold is still striving for the support level of $1780 per ounce. This is the level where it may rebound. This zone is the support level of the Ichimoku cloud, both on the daily and weekly charts. It is interesting to see that the price has been moving sideways since 2020 and cannot get out of the trend on a monthly timeframe. On smaller timeframes, the price is under 200 EMA and under 50 EMA, which can be considered as an indicator of a smaller trend. On M30 and H1, 200 EMA and 50 EMA can be considered as dynamic resistance levels, which may turn out to be selling points once they are crossed and create a signal that the price will turn up. Why am I waiting for a reversal from this range, or at least a pause in the decline? Because on the daily chart the price is approaching 200 EMA. This is usually a strong dynamic level, from which the price bounces. The trend, in my opinion, has been present in the market since the price began to move down at the beginning of February 2023.
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