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I may not need to keep talking about this topic, but the chart is definitely worth paying attention to this week. Gold has been staying above its 100-day moving average (shown with a red line) for a couple of weeks, and now that it’s falling below that line, it’s creating more downward pressure in recent trading sessions.

The atmosphere is quite tense and despite the absence of an immediate drop in prices, a decline could occur at any moment.

According to technical analysis, it appears that sellers are gaining momentum and there is a possibility that the price will reach $1,900 soon.

Examining the basic factors, is it possible that the success of gold is causing its downfall? This is a comparable situation to what has occurred with stocks this week, and it could be attributed to a shift in risk investment towards bonds as the end of the quarter approaches.

The rise of gold from March to May could indicate the need for a slight decrease, and the current technical progress suggests that a more forceful correction is probable.

The buyers’ interest will be evaluated by how they perform at the $1,900 level. However, I believe there will be a greater inclination for them to buy long positions around the 200-day moving average (represented by the blue line). To be honest, I am also considering doing the same.

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