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Gold Price Forecast: Faces Correction Risks After Record High Reversal
Gold reversed on Thursday from a new record high of 2,790 that was reached yesterday. The decline reached a three-day low of 2,732 before stalling. At the time of this writing gold continues to show weakness and will likely close in the lower third of the day’s trading range. Today’s bearish price action increases the risk of a deeper pullback before the bulls take back control as it shows the early signs of a failed breakout, at least for now. chart Today’s pullback fell below the prior trend high and potential near-term support at 2,758, as well as the top channel line of a rising parallel trend channel. ... (full story)
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- Posted: Oct 31, 2024 5:35pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 275
