Gold price tests $2600 support! If it falls below, it will further decline towards the 100 day moving average
On Monday, the upward trend of gold prices stopped as selling pushed the price below $2700 and pulled it down to below $2630.
According to market analysts, if bears cause gold prices to fall below $2630, the next support level will be $2600. If it is breached, the gold price will fall towards the 100 day moving average (currently at $2565.76), followed by the low of $2536 on November 14th.
If the buyer recovers the 50 day moving average, the gold price may challenge $2700. Once breached, the next target will be $2750, followed closely by a historical high of $2790.
Oscillatory indicators such as the Relative Strength Index (RSI) have turned bearish, indicating that sellers are currently dominant.
Daily chart of spot gold
Tips:This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement:Contact us if the content violates the law or your rights