{"id":6318,"date":"2024-03-08T11:37:47","date_gmt":"2024-03-08T11:37:47","guid":{"rendered":"https:\/\/tradersontrend.com\/2024\/03\/08\/gold-price-exhaustion-indicates-a-steep-slide-remains-inthe-offing\/"},"modified":"2024-03-08T11:37:47","modified_gmt":"2024-03-08T11:37:47","slug":"gold-price-exhaustion-indicates-a-steep-slide-remains-inthe-offing","status":"publish","type":"post","link":"https:\/\/tradersontrend.com\/h\/2024\/03\/08\/gold-price-exhaustion-indicates-a-steep-slide-remains-inthe-offing\/","title":{"rendered":"Gold: Price Exhaustion Indicates a Steep Slide Remains in\nthe Offing"},"content":{"rendered":"
\n

Since I wrote my last analysis<\/strong><\/a>, bulls tried hard to strengthen their position after last Friday\u2019s bumpy move by the gold futures, hitting a high at $2053, continued to remain in a tight range on the first trading session of this week, and finally ended the Tuesday with the formation of an \u2018Exhaustive Candle\u2019 in the daily chart.<\/p>\n

Undoubtedly, the gold bulls attempted to hold the session after struggling hard on Monday but failed to sustain above the 50 DMA, which is at $2043, despite repeated attempts.<\/p>\n

Finally, the big bears appeared on Tuesday while the gold futures, struggling to hold a high at $2049, suddenly started to thrash bulls amid hopes for favorable economic data this week.<\/p>\n

Last Friday, gold futures hit a high at $2052 after hitting the day\u2019s low at $2025, a reactionary move amid diminishing rate hike hopes, but Monday witnessed silence on the bulls\u2019 front.<\/p>\n

Undoubtedly, bulls appeared again and tried to hold above the 50 DMA but could not due to the thick presence of big bears who looked convinced about the upcoming economic data.<\/p>\n

I find that the gold futures could go through wobbly moves on Wednesday as the \u2018Exhaustive Candle\u2019, formed on Tuesday, needs the next confirmatory candle to provide further directional moves by the gold futures during the rest of this week.<\/p>\n

\n
\"Gold<\/div>\n<\/div>\n

In a daily chart, immediate resistance for the gold futures is at 50 DMA which is currently at $2043 while the second is at $2053 and any upward move above this will provide a good opportunity to take a short position this week.<\/p>\n

On the other hand, if the gold futures continue the current exhaustion on Wednesday, a breakdown below $2030 will confirm the continuity of a steep slide during the upcoming week up to the next psychological support at $2000.<\/p>\n

\n
\"Gold<\/p>\n
<\/a>Gold Futures-Weekly Chart<\/span><\/div>\n<\/div>\n<\/div>\n

In the weekly chart, the appearance of a bearish dozy, which is currently below the immediate support at 9 DMA looks evident enough to turn into a bearish candle if the gold futures find a breakdown below the second weekly support at 18 DMA currently at $2030. In such case, gold bears could retest the next support at $1996.<\/p>\n

Disclaimer:<\/strong> The author of this analysis may or may not have any position in the Gold futures. All the Readers are requested to take any long or short trading position at their own risk.<\/em><\/p>\n<\/div>\n

Source: <\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Since I wrote my last analysis, bulls tried hard to strengthen their position after last Friday\u2019s bumpy move by the gold futures, hitting a high at $2053, continued to remain in a tight range on the first trading session of this week, and finally ended the Tuesday with the formation of an \u2018Exhaustive Candle\u2019 in…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[674],"tags":[],"class_list":["post-6318","post","type-post","status-publish","format-standard","hentry","category-test"],"_links":{"self":[{"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/posts\/6318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/comments?post=6318"}],"version-history":[{"count":1,"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/posts\/6318\/revisions"}],"predecessor-version":[{"id":6319,"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/posts\/6318\/revisions\/6319"}],"wp:attachment":[{"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/media?parent=6318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/categories?post=6318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/tags?post=6318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}