As observed on the daily chart, Gold price closed Wednesday below the 100-day Simple Moving Average (SMA) at $1,993, opening the floor for further downside.
The 14-day Relative Strength Index (RSI) is attempting a recovery but remains well below the midline, suggesting that any rebound in Gold price could likely be temporary.
Meanwhile, the 21-day and 50-day SMAs Bear Cross, confirmed last week, also remains in play, supporting Gold sellers.
Against these bearish technical indicators, any corrective upside in Gold price is expected to be a ‘sell the bounce’ trade’ in the near term.
Key support levels are now seen at the December 13 low of $1,973 and the horizontal 200-day SMA at $1,966. A sustained move below the latter will put the $1,950 psychological level at risk.
Gold sell now 1995
Confirm Target 1970
The 14-day Relative Strength Index (RSI) is attempting a recovery but remains well below the midline, suggesting that any rebound in Gold price could likely be temporary.
Meanwhile, the 21-day and 50-day SMAs Bear Cross, confirmed last week, also remains in play, supporting Gold sellers.
Against these bearish technical indicators, any corrective upside in Gold price is expected to be a ‘sell the bounce’ trade’ in the near term.
Key support levels are now seen at the December 13 low of $1,973 and the horizontal 200-day SMA at $1,966. A sustained move below the latter will put the $1,950 psychological level at risk.
Gold sell now 1995
Confirm Target 1970