Gold is currently in a descending triangle formation. As long as the price has not broken through the descending trendline, the primary trading strategy should be bearish. The price has already surpassed the significant 2680 level, so an intraday strategy aligned with the current trend is advisable. However, the downward momentum may not be strong enough at the moment, especially considering the potential downside risk for the US dollar. Therefore, the target is set near the previous low of 2655.

Becoming descending triangle formation

Nov 11 2024