Gold Price Alert
Gold prices slightly bounced back after reaching the Double Top target near $4,005 on Tuesday, but the recovery was limited.
The price was stopped below the earlier support level of $4,185, indicating a strong bearish trend.
Gold bounced up after reaching the target of a Double Top pattern, at $4,005 on Tuesday, but upside attempts have been halted way below previous support, at $4,185.
The announcement of a meeting between US President Trump and Chinese counterpart Xi Jinping, along with Trump's conciliatory tone, has boosted hopes of a trade deal, improving market sentiment and causing precious metals to decline.
Gold Price Update
Correction continues after a big rally, as the principle "what goes up must come down" applies to gold as well.
Author's summary: Gold price faces pressure.
- Gold price support at $4,000 is under threat.
- Bearish trend remains strong.
- Precious metals decline due to improved market sentiment.
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