05/06 - Gold bears confirmed the downtrend
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The value of gold has gone down and has broken through a bullish channel and the 200-SMA.
It is currently on its way towards the yearly low of $1,932 that was marked in May.
The bearish MACD signals support this downward trend.
However, the RSI (14) line is in the oversold territory, indicating that there may be limited room for a decline beyond $1,932.
It is important to monitor the 61.8% Fibonacci Expansion (FE) of the Gold Price moves between May 10 to June 01, which is around $1910, as it is a key support level.
If the Gold price recovers, it may initially aim for the 200-SMA hurdle of around $1,960 before challenging the bottom line of an ascending trend channel, which is currently around $1,970.
It is currently on its way towards the yearly low of $1,932 that was marked in May.
The bearish MACD signals support this downward trend.
However, the RSI (14) line is in the oversold territory, indicating that there may be limited room for a decline beyond $1,932.
It is important to monitor the 61.8% Fibonacci Expansion (FE) of the Gold Price moves between May 10 to June 01, which is around $1910, as it is a key support level.
If the Gold price recovers, it may initially aim for the 200-SMA hurdle of around $1,960 before challenging the bottom line of an ascending trend channel, which is currently around $1,970.
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