Today, gold is trading below the daily pivot line (3200.56). A new local minimum of yesterday's trading day has been updated to the price level of 3130.37 (+/-). Moving averages are adjusting downwards, with the 21-period Moving Average already below the 55-period Moving Average line, forming a channel of downward direction. The gold pair is approaching the lower boundary of the channel, and in this situation, a breakout is possible, leading to further decline towards the level of 3055.20 (+/-) and below, towards 2962.94 (+/-).
