Gold Price Confined in Descending Channel
The price of gold appears to be trading in a descending channel as trades to a fresh weekly low ($2290), but the precious metal may respond to the positive slope in the 50-Day SMA ($2222) if it continues to hold above the monthly low ($2229).
Gold Price Outlook
The price of gold may continue to give back the advance from the monthly low ($2229) as the Relative Strength Index (RSI) falls to its lowest level since February, with a break/close below the $2286 (100% Fibonacci extension) to $2309 (100% Fibonacci extension) region raising the scope for a move towards the $2237 (78.6% Fibonacci extension) to $2242 (61.8% Fibonacci extension) area.
Failure to defend the monthly low ($2229) opens up $2181 (61.8% Fibonacci extension, but the price of gold may continue to reflect a bullish trend should it track the positive slope in the 50-Day SMA ($2222).
Lack of momentum to break/close below the $2286 (100% Fibonacci extension) to $2309 (100% Fibonacci extension) region may push the price of gold back towards the $2363 (161.8% Fibonacci extension) to $2396 (78.6% Fibonacci extension) area, with a breach above the monthly high ($2432) opening up $2517 (161.8% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
Gold Price Outlook
The price of gold may continue to give back the advance from the monthly low ($2229) as the Relative Strength Index (RSI) falls to its lowest level since February, with a break/close below the $2286 (100% Fibonacci extension) to $2309 (100% Fibonacci extension) region raising the scope for a move towards the $2237 (78.6% Fibonacci extension) to $2242 (61.8% Fibonacci extension) area.
Failure to defend the monthly low ($2229) opens up $2181 (61.8% Fibonacci extension, but the price of gold may continue to reflect a bullish trend should it track the positive slope in the 50-Day SMA ($2222).
Lack of momentum to break/close below the $2286 (100% Fibonacci extension) to $2309 (100% Fibonacci extension) region may push the price of gold back towards the $2363 (161.8% Fibonacci extension) to $2396 (78.6% Fibonacci extension) area, with a breach above the monthly high ($2432) opening up $2517 (161.8% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
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