Technical Analysis: Gold price drops to $2,160
Gold price faced a sharp sell-off after failing to sustain near all-time highs around $2,195. The precious metal has dropped to $2,160 and may continue its downside towards the 20-day Exponential Moving Average (EMA) at $2,097 as the divergence between them is waning. The asset tends to face a mean-reversion move after a wide divergence, which results in a price or a time correction.
On the downside, December 4 high near $2,145 and December 28 high at $2,088 will act as major support levels.
The 14-period Relative Strength Index (RSI) dropped to 73.00 after reaching the overbought territory, resulting in a correction.
Gold price faced a sharp sell-off after failing to sustain near all-time highs around $2,195. The precious metal has dropped to $2,160 and may continue its downside towards the 20-day Exponential Moving Average (EMA) at $2,097 as the divergence between them is waning. The asset tends to face a mean-reversion move after a wide divergence, which results in a price or a time correction.
On the downside, December 4 high near $2,145 and December 28 high at $2,088 will act as major support levels.
The 14-period Relative Strength Index (RSI) dropped to 73.00 after reaching the overbought territory, resulting in a correction.
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