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The price of Gold has recently changed trend, and now the price is consolidating. Could we see the price break lower?

Watch the video to learn more…

Daily Chart

will gold break lower

The daily trend on Gold is suggesting we could see some downside. The price recently found resistance at the major swing level and formed a new low. We can see the trend has changed by the trendline. The major lows could be a place that price wants to revisit as the market found major demand here. 

Currently the price is consolidating after the break lower. This suggests we could see another move lower in the price especially due to the recent USD strength we have seen in the market.

Seasonally the USD strengthens this time of year due to a drop in the stock market which could add confluence to a move lower.

The 4hr Time Frame

forex chart of the day will gold break lower

The 4hr time frame could be the one to watch here. If the price gives us a daily close below the lows showing an impulse phase forming we can begin to look for lower highs and lower lows on the 4hr time frame. 

If the price retests the lows and forms a bearish pattern we can look for short opportunities down to the demand zone.

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