Are you keeping a close eye on the stock market this week? We’ve got some insider information for you about the latest developments that could impact your investments.
It seems that gold has triggered a breakdown below last week’s low of 2,332. This could have some bearish implications, especially if there’s a daily close below that price level. The 50-Day MA around 2,309 is now in the spotlight, with sustained selling pressure indicating that it may be the next target. The recent resistance at the 20-Day line suggests that prices could continue to decline.
But what happens next is crucial. If support holds above the 50-Day MA, we could see a rally. However, a drop below this level could put the recent swing low at 2,277 at risk. This would violate the price structure of the uptrend, as it represents a higher swing high. There are some potential support levels just below the 50-Day line, such as the 50% retracement at 2,289 and the top trend channel line.
Stay informed about the latest economic events that could impact your investments by checking out our economic calendar. Keep a close eye on these developments and make informed decisions to maximize your investment returns. Stay tuned for more updates and insights on stock market trends and trading strategies from Extreme Investor Network.