Note

Where Did You Gold? - XAU/USD prints rounding top, sellers eye $1,721 breakdown

Verified Official
· View 343
  • Gold fails to keep Thursday’s bounce, refreshes intraday low.
  • Downbeat momentum, extended trading below 200-SMA suggest confirmation of bearish chart pattern is on the way.
  • 100-SMA adds to the downside filters, monthly top offers extra resistance.

Gold drops to the fresh intraday low around $1,726, down 0.05% on a day, during early Friday. In doing so, the yellow metal fades the previous day’s corrective pullback while keeping sellers hopeful inside a bearish chart formation.

The commodity’s failures to keep the recovery moves seem to join a downward sloping momentum line and sustained trading below 200-SMA in favoring the bears.

However, a clear downside break below $1,721 becomes necessary as 100-SMA adds to the downside filters.

Following that the $1,700 can offer an intermediate halt before dragging the quote towards the monthly low of around $1,677.

Meanwhile, $1,745-46 and 200-SMA level near $1,756 guard the bullion’s short-term upside ahead of a horizontal line comprising the monthly peak and February 19 low close to $1,760.

It’s worth mentioning that the metal’s ability to cross $1,760 is a golden pass for the bulls as November 2020 lows near $1,765 also challenge the further upside.

Gold four-hour chart

Where Did You Gold? - XAU/USD prints rounding top, sellers eye $1,721 breakdown

Trend: Further weakness expected

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

If you like, reward to support.
avatar

Hot

No older comments, be the first to grab the sofa.