Gold Shows Signs of Recovery But Faces Resistance At $2,330
Gold is slowly regaining momentum, edging closer to the $2,330 threshold, albeit encountering resistance from the simple moving average SMA 20.
Looking at the 4-hour chart reveals a continued downward trend. The SMA 20 is declining and has crossed below the SMA 100, signaling a negative trend for the market. The relative strength index (RSI) is currently below the 50 mark, indicating the persistence of the downward trend and the potential for further decline in the near future.
However, it's worth noting that gold nearing the $2,330 mark could present an opportunity for a short-term recovery.
Looking at the 4-hour chart reveals a continued downward trend. The SMA 20 is declining and has crossed below the SMA 100, signaling a negative trend for the market. The relative strength index (RSI) is currently below the 50 mark, indicating the persistence of the downward trend and the potential for further decline in the near future.
However, it's worth noting that gold nearing the $2,330 mark could present an opportunity for a short-term recovery.
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