Gold Price on Track to Test 50-Day SMA
The price of gold is on track to test the 50-Day SMA ($2013) as it approaches the monthly low ($2017), but the precious metal may track the positive slope in the moving average to mirror the price action from earlier this year.
Gold Price Outlook
The price of gold may struggle to retain the advance from the December low ($1973) if it no longer responds to the moving average, with a break/close below the $1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) area opening up $1937 (38.2% Fibonacci extension).
Keep in mind, the price of gold has held above the moving average after breaking out of the descending channel from earlier this year, and bullion may attempt to retrace the decline from the start of the year if it bounces back from the indicator.
Failure to break/close below the $2018 (61.8% Fibonacci extension) to $2020 (78.6% Fibonacci extension) region may push the price of gold back towards $2076 (78.6% Fibonacci extension), with a breach above the monthly high ($2079) bringing the December high ($2089) on the radar.
Gold Price Outlook
The price of gold may struggle to retain the advance from the December low ($1973) if it no longer responds to the moving average, with a break/close below the $1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) area opening up $1937 (38.2% Fibonacci extension).
Keep in mind, the price of gold has held above the moving average after breaking out of the descending channel from earlier this year, and bullion may attempt to retrace the decline from the start of the year if it bounces back from the indicator.
Failure to break/close below the $2018 (61.8% Fibonacci extension) to $2020 (78.6% Fibonacci extension) region may push the price of gold back towards $2076 (78.6% Fibonacci extension), with a breach above the monthly high ($2079) bringing the December high ($2089) on the radar.
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