Gold Price Finds Temporary Support After Symmetrical Triangle Breakdown
Gold price experiences a sharp sell-off following the breakdown of a Symmetrical Triangle pattern on the hourly timeframe. This technical event triggers heightened volatility, wider price swings, and heavy selling pressure.
Key Factors:
- Technical Breakdown: The Symmetrical Triangle breakdown signals a bearish shift in market sentiment and a potential further decline in Gold prices.
- Support Levels: Gold finds temporary support, likely a brief pause in the downtrend. The 20-period Exponential Moving Average (EMA) at $2,317 acts as a temporary barrier for bulls.
- RSI Indicator: The Relative Strength Index (RSI) has shifted to the bearish range (20.00-40.00), confirming downward momentum.
Outlook:
The breakdown of the Symmetrical Triangle suggests a bearish continuation. Watch for the following:
- 20-day EMA: A decisive break below the 20-day EMA would increase selling pressure.
- RSI Confirmation: Further decline in the RSI would solidify the bearish outlook.
- Downside Targets: If the sell-off continues, traders will focus on key support areas mentioned in your analysis.