Technical analysis: Gold fails to cling above 50-day SMA as sellers move in
Monday sees a repeat of Friday’s note: “Gold has shifted to a neutral-upwards bias as it hurdles the 50-day Simple Moving Average (SMA).”
Even though XAU/USD has failed to cling above the 50-day SMA, the bias is intact unless Gold falls below the February 16 swing low of $2,016.15, which would exacerbate a challenge of the October 27 daily high-turned-support at $2,009.42. Once cleared, that will expose key technical support levels, like the 100-day SMA at $2,007.82, followed by the 200-day SMA at $1,966.79.
On the flip side, buyers dragging the XAU/USD spot price above the 50-day SMA could pave the way to challenge the $2,050 figure. Once those levels are cleared, up next would be the February 1 high at $2,065.60, ahead of the December 28 high at $2,088.48.
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