XAUUSD: Will there be a breakdown?

XAUUSD, H2

On the H2, XAUUSD has formed an ascending channel pattern, and the price is testing the lower trendline and MA50. At the same time, MACD is indicating a decline, but %R is already showing oversold.

If Gold breaks the lower trendline below MA50 and 3325, it will fall to 3290 and further to 3250;

A bounce off the trendline will bring XAUUSD back up to 3365.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Egor Schmidt

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