Analysis of the Short-Term Downtrend in Spot Gold Prices Against

Based on the attached chart and extracted text information, here is a graphical analysis and trend determination of the spot gold price against the US dollar (Gold Spot / US Dollar).

Trend Analysis:

- General Trend: Based on the available data, there appears to be a short-term downtrend. The decline in price and confirmation of selling levels indicate strong selling pressure. However, this trend must be confirmed using other technical indicators.

- Price Range: The chart indicates a broad price range between approximately $3,000 and $3,500 over the past several months. This indicates significant volatility in the price of gold.

Support and Resistance Levels:

- Support Levels:
- The $3,219.944 level represents an important support level.
- The $3,100 and $3,000 levels may also act as support levels if the downtrend continues.

- Resistance Levels:
- The $3,353.820 level (the current buy level) could act as an immediate resistance level.
- Higher levels in the $3,400-$3,500 range represent potential resistance levels if the trend reverses.

- Monitoring Support Levels: The aforementioned support levels should be monitored to identify potential buying points in case of a bounce.

Based on the available data, there is a short-term downward trend in the spot gold price against the US dollar, starting from these areas:

- Entry price of the deal: $3,355.00
- Stop loss price for the trade: $3,381.00
- Target price for the deal TP1: $3,320.00
- Target price for the deal TP2: $3,280.00
- Target price for the deal TP3: $3,219.00