Gold has been trading downwards in past 24 hours. We found the breakout of the important support trendline, which is warning for buyers that we have changing in trend behaivor from bullish to bearish.
Gray rectangle – swing low acting like resistance $1.330
Yellow rectangle – Support $1.320
Pink rectangle – Support 2 ($1.310)
We found the breakout of the support trendline in the backround and the bearish flag in creation, which Is sign that downward movement may continue. The MACD oscillator is showing us strong bearish divergence, which is another sign of weakness. Stochastic oscillator is looking overbought and it is another great confirmation for further downside. The projected targets are set at $1.320 and $1.310. As long as the Gold is trading below the $1.348, we will be bearish.