Gold’s three-day losing streak which saw prices break below 50-DMA could lead to short-term loss of momentum and lead to a sideways action around $1330 before the slide resumes.
Also note, the daily RSI has reentered falling trend line, which adds credence to the view that further losses are likely. The 50-day moving average appears to have topped out as well.
On the downside, major support is seen at $1300, while bearish invalidation is seen only in case of a day end close above $1338.
Also note, the daily RSI has reentered falling trend line, which adds credence to the view that further losses are likely. The 50-day moving average appears to have topped out as well.
On the downside, major support is seen at $1300, while bearish invalidation is seen only in case of a day end close above $1338.
