Even though the condition of the Gold commodity asset on the 4-hour chart is still in Sideways condition, the position of the EMA 50 which has just crossed below the EMA 200 (Death Cross) gives an indication that there is bearish pressure on this commodity asset coupled with the emergence of the Ascending Broadening Wedge pattern, so in the near future Gold has the potential to weaken down to the level of 2295.15 as the main target and if the momentum and volatility are strong enough then it is not impossible that the level of 2276.40 will be the next target to be aimed at, but it is also necessary to pay attention to the appearance of deviations between price movements which create a Lower low, otherwise the Stochastic Oscillator indicator forms The Lower High indicates that in the near future Gold has the potential to experience a stronger correction, but as long as the strengthening correction does not broken above the 2368.21 level, the weakening scenario described previously will still apply.
(Disclaimer)
The material has been provided by InstaForex Company - www.instaforex.com #
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