GOLD/USD ANALYSIS.
In the near term, the gold price has been stuck within a descending trend channel since mid-April. The modest bearish stance is confirmed by the 14-day Relative Strength Index (RSI), which holds below the 50 midline.
The $2,300K psychological round figure will be the first downside target for gold. Any follow-through selling below this level will expose the lower limit of a descending trend channel at $2,196K. A bearish breakout of the mentioned level will pave the way to trade into institutional reference of $20K to $19K mark to pick the remaining buying order before going bullish again.
I'm going to buy back if goes as predicted above 😊
NOTE: This post is for educational purposes, not for financial advise.
