Technical analysis of the global gold ounce Tuesday, March 2
The price of an ounce of global gold on Tuesday continued its downward trend for the fourth consecutive day after the increase in demand and the growth of the US dollar index.
The price of gold is currently affected by the trend of the dollar index and the rate of return of treasury bonds in the absence of important economic news.
Due to the four-hour time frame, the price of gold is breaking the downside channel. If a four-hour candle closes below the support level of the trend line at $ 1,712, we can expect the price to fall to the bottom of 2020, ie $ 1,671.
If this support level is not broken, the price will rise to the level of the moving average indicator 21 in the four-hour time frame, ie $ 1,755.