Gold price faces an intense sell-off after a breakdown of the Symmetrical Triangle formation on the hourly time frame. The precious metal slips below $2,300 as a downside break of the above-mentioned pattern explodes the volatility, resulting in wider ticks on the downside and heavy selling volume.
The 20-period Exponential Moving Average (EMA) at $2,317 is acting as a major barricade for the Gold price bulls. The 14-period Relative Strength Index (RSI) has delivered a range shift move from the 40.00-60.00 territory to the 20.00-40.00 region, indicating that a bearish momentum has been triggered
Edited 25 Apr 2024, 17:04
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