Where Did You Gold? - XAU/USD sellers roll-up sleeves to revisit $1,700

Verified Official
· View 530
  • Gold fades bounce off 12-day low, eases from intraday high off-late.
  • Receding bullish signals from MACD, downside break of 21-day SMA direct sellers toward March 12 low.
  • 10-day SMA, two-month-old falling trend line add to the upside filters.

Following its failures to rise past-$1,714.46, gold prices drop to $1,710, down 0.11% intraday, during early Tuesday. In doing so, the yellow metal justifies the previous day’s daily closing below 21-day amid weakening bullish MACD signals.

Also favoring the gold sellers could be the commodity’s sustained trading below 10-day SMA and a descending resistance line from January 29.

As a result, the bears are all set to challenge March 12 lows near the $1,700 threshold before attacking the monthly bottom surrounding $1,675.

It should, however, be noted that a downward sloping trend line from August 2020, near $1,656, could restrict the quote’s further south-run.

Alternatively, an upside clearance of 21-day SMA level of $1,723 isn’t a call to the gold buyers as 10-day SMA and aforementioned resistance line, respectively near $1,731 and $1,735, keep traders worried.

Even if the precious metal crosses $1,735 on a daily closing basis, November 2020 lows near $1,765 become the key resistance to watch for the gold buyers.

Gold daily chart

Where Did You Gold? - XAU/USD sellers roll-up sleeves to revisit $1,700

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.


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