Gold price confirmed a symmetrical triangle breakdown after closing Tuesday below the upward-sloping trendline at $1,908.
The downside break triggered a fresh sell-off in Gold price, as sellers flexed their muscles and tested the $1,870 key support on acceptance below the $1,900 threshold.
A Death Cross, confirmed earlier in the week after the 50-Daily Moving Average (DMA) crossed below the 200 DMA, justifies the ongoing bearish momentum in te Gold price.
However, the 14-day Relative Strength Index (RSI) indicator has entered the oversold territory, suggesting that a risk of a corrective bounce remains intact.
Any pullback from multi-month troughs will need to find validation at the August 21 low of $1,885. A sustained move above the latter will put the $1,900 mark back on Gold buyers’ radars.
Further up, the previous day’s high of $1,904 could be tested should the recovery gather steam.
Alternatively, a decisive break below the $1,870 static support could reopen floors toward the $1,850 psychological barrier.
The downside break triggered a fresh sell-off in Gold price, as sellers flexed their muscles and tested the $1,870 key support on acceptance below the $1,900 threshold.
A Death Cross, confirmed earlier in the week after the 50-Daily Moving Average (DMA) crossed below the 200 DMA, justifies the ongoing bearish momentum in te Gold price.
However, the 14-day Relative Strength Index (RSI) indicator has entered the oversold territory, suggesting that a risk of a corrective bounce remains intact.
Any pullback from multi-month troughs will need to find validation at the August 21 low of $1,885. A sustained move above the latter will put the $1,900 mark back on Gold buyers’ radars.
Further up, the previous day’s high of $1,904 could be tested should the recovery gather steam.
Alternatively, a decisive break below the $1,870 static support could reopen floors toward the $1,850 psychological barrier.
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