GOLD: DAILY CHART TECHNICAL ANALYSIS
Regardless of colliding an instant trading range between $1,782 and $1,804, gold prices failed to provide a daily closing beyond the 200-DMA level near $1,809.
Also challenges the gold buyer is the slow MACD and RSI conditions, as well as double tops $1,834.
As of now, 61.8% Fibonacci retracement of July-August fall, around $1,777, adds to the downside filters, other than the multiple lows marked recently near $1,782.
It’s worth analyzing that five-week-old horizontal support of around $1,758 will challenge gold bears below $1,777.
In general, gold remains resistant but needs to cross the 200-DMA for giving controls to the bulls.
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