Gold futures analysis: Bears take control and will drive the price to 1978

Gold Futures Technical Analysis: Bears Seize Gold as Price Headed to 1978

In this video technical analysis of gold futures, we delve into the key levels that could significantly impact the price of gold, examining recent price fluctuations and forecasting future market trends.

Key Levels to Watch for gold futures

  • 1978 Support Level: A crucial support level that has repeatedly tested its strength in the past. A breakdown below this level could signal a prolonged bearish trend.

  • 20 EMA: A moving average commonly utilized as a support and resistance indicator. A significant dip below the 20 EMA could strengthen bear dominance.

  • 2035 Resistance Level: Another key resistance level that has proven its resilience in previous price movements. A breakout above this level could spark a renewed bullish momentum.

Recent Price Action: Bears Assert Dominance

Gold’s price has exhibited a bearish trajectory in recent weeks, evident in the sharp decline from the recent high of $2159.2 to $1978. This trend suggests that bears have gained the upper hand in the market.

Gold Futures Price Predictions: Bears Pressuring Towards 1978

Based on our technical analysis and market insights, we anticipate that gold’s price is likely to continue its downward trajectory in the near future. We expect the price to test the 1978 support level and potentially break below it. Such a breakdown could pave the way for a further decline towards $1800 or even lower.

Conclusion: Bears Grip Tightly, 1978 in Sight

With bears firmly in control of the gold market, we believe that the price is likely to consolidate its bearish tendencies in the near term. We anticipate the price to test the 1978 support level and potentially breach it. Should this occur, a further decline towards $1800 or even lower could materialize.

Further Insights and Resources

For additional perspectives on gold futures, we recommend the following resources:

Risk Disclaimer: Trading gold futures is a speculative endeavor with inherent risks. Please exercise caution and conduct thorough research before making any investment decisions.

This article was written by Itai Levitan at www.forexlive.com. Source