Gold Supported By The Rising Trend Line

Technical analysis of Forex market

The precious metal remains weak as price fell for the second day. However, the pace of declines was limited as XAUUSD is currently helped by the long term rising trend line.

With the Stochastics oscillator in the oversold level and the possibility of a hidden bearish divergence, we could expect prices to pop back higher.

But this could change if gold loses the trend line support. It will accelerate the declines in gold down to the 1911.50 level of support.

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