Technical Analysis of Daily Price Movement of Gold Commodity Asset, Wednesday June 05,2023.
July 5, 2023 5:25 am
From what we see in the daily chart of Gold commodity asset, Gold seems moving inside bearish Pitchfork channel as well as confirmed by CCI indicator which manages to break down to the level 100, 0, & -100 and currently stuck moving at the -100 to 0 area level, all of which indicate the trend condition of Gold on the daily chart is still in a bearish condition except when a correction rally occurs above the 1956.28 level and is supported by the CCi indicator which managed to break above level 0 and above level 100 then it is possible that the bearish condition will be restrained for the next few days but if this does not happen then the probability to continue the decline is quite large where the Ross Hook level 1892.51 will be the main target for gold in the next few days.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
From what we see in the daily chart of Gold commodity asset, Gold seems moving inside bearish Pitchfork channel as well as confirmed by CCI indicator which manages to break down to the level 100, 0, & -100 and currently stuck moving at the -100 to 0 area level, all of which indicate the trend condition of Gold on the daily chart is still in a bearish condition except when a correction rally occurs above the 1956.28 level and is supported by the CCi indicator which managed to break above level 0 and above level 100 then it is possible that the bearish condition will be restrained for the next few days but if this does not happen then the probability to continue the decline is quite large where the Ross Hook level 1892.51 will be the main target for gold in the next few days.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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