It seems gold's time to fall has arrived !!!
In the 1-hour time frame, we can currently see that gold has formed a higher low in a descending triangle pattern, which tends to indicate that the price could fall to the support level within the rectangle, which is the support level according to the 99-period moving average in the daily time frame. If it breaks below the upper resistance at the polarity point, it could drop further.
On the volume side, we can clearly see heavy selling volumes, while at the support levels, the buying volumes are lower, signaling that the price has the potential to shift from an uptrend to a downtrend. The volume profile at support and resistance levels suggests gold may be transitioning from an uptrend to a downtrend based on the technical evidence.
On the volume side, we can clearly see heavy selling volumes, while at the support levels, the buying volumes are lower, signaling that the price has the potential to shift from an uptrend to a downtrend. The volume profile at support and resistance levels suggests gold may be transitioning from an uptrend to a downtrend based on the technical evidence.
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