Gold edging lower: in-depth XAU/USD technical overview
Hello, fellow traders!
Spot Gold is currently in a bearish phase with price dropping below SMA and indicators hitting oversold conditions. However, technical analysis shows that might be gearing up for a bullish reversal.
📊 Let’s look at the data:
We’ve still got this falling wedge pattern going on, which usually hints at a potential bullish reversal. If the price breaks out upwards, the target is around 2350.000. That's the finish line if things go well. On the flip side, if it crashes, we’re heading down to around 2280.000.
The price is currently interacting with the Ichimoku Cloud, indicating consolidation and uncertainty. If the price can break above the cloud, it could signal a bullish trend continuation.
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