

Analyzing the current chart for Gold Futures reveals interesting points.
The asset has recently shown a bearish trend but shows signs of potential change.
The chart shows a recent strong bearish trend, with a noticeable decline from around 5400 to the current level of 4700.
Several consecutive large red candles indicate strong selling pressure. A potential doji appears at the current price level, suggesting indecision.
A significant support level appears to have been tested near the 4600 mark, which held back further declines.
There's been a recent bearish crossover, where the MACD line crossed below the Signal line, indicating continued bearish momentum.
The histogram shows negative momentum but appears to be contracting, which may signal a slowdown in bearish momentum.
No clear divergences are observed currently between the MACD and price action.
There was a significant spike in volume accompanying the large downtrend, suggesting strong selling pressure, likely involving institutional investors.
The high volume on the decline supports the validity of the move.
Recent volume appears to decline along with potential consolidation, which can indicate uncertainty or a potential pause in the trend.
A key support level is around 4600, where the price previously bounced back.
Immediate resistance can be noted around the 4800-4900 region, where previous consolidation occurred.
These levels are crucial for monitoring future price movements.
Consider a cautious entry if the price breaks above the 4800 resistance level with strong volume, targeting the next resistance level.
Given the current bearish sentiment, selling on a break below the 4600 support with volume confirmation may be a prudent strategy.
Traders should hold off on any new positions until clearer confirmation occurs from either a breakout or a downturn.



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Secured By SSL. Copyright © Axia Trade. All rights reserved. 2024
Company Information: This website (www.axiainvestments.com/) is operated by Smarttool Trading SC Limited, a Seychelles investment firm, authorised and regulated by the Financial Services Authority of Seychelles with license number SD034. Smarttool Trading SC Limited is located at Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles.
Partner company Marketvalley Ltd provides business operation services for Smarttool Trading SC Limited, office address: Archiepiskopou Makariou III, 198 Marinos Court, 1st Floor, Flat/Office 13, 3030, Limassol Cyprus, registration number HE415749.
Risk warning: Contracts for difference (‘CFDs’) is a complex financial product, with speculative character, the trading of which involves significant risks of loss of capital. Trading CFDs, which is a marginal product, may result in the loss of your entire balance. Remember that leverage in CFDs can work both to your advantage and disadvantage. CFDs traders do not own, or have any rights to, the underlying assets. Trading CFDs is not appropriate for all investors. Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance. Before deciding to trade, you should carefully consider your investment objectives, level of experience and risk tolerance. You should not deposit more than you are prepared to lose. Please ensure you fully understand the risk associated with the product envisaged and seek independent advice, if necessary. Please read our Risk Disclosure document.
Regional Restrictions: Smarttool Trading SC Limited does not offer services within the European Economic Area as well as in certain other jurisdictions such as the USA, British Columbia, Canada and some other regions.
Smarttool Trading SC Limited does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of any financial product. Smarttool Trading SC Limited is not a financial adviser.