Gold extended its downward momentum at the start of Tuesday's Asian trading session, dropping to 2,300, down more than 2% from Monday. The decline seemed somewhat contained due to speculation that major central banks would cut interest rates later this year.
From a technical standpoint, this sharp decline has brought gold prices to touch the simple moving averages (SMA), along with the Relative Strength Index (RSI) hovering around oversold territory, nearing the 28 mark.
However, as the downward momentum of gold prices has reached a significant level, there are indications of a correction. It is anticipated that gold prices will continue to touch the SMA 20 level before witnessing a recovery from the sharp decline.
From a technical standpoint, this sharp decline has brought gold prices to touch the simple moving averages (SMA), along with the Relative Strength Index (RSI) hovering around oversold territory, nearing the 28 mark.
However, as the downward momentum of gold prices has reached a significant level, there are indications of a correction. It is anticipated that gold prices will continue to touch the SMA 20 level before witnessing a recovery from the sharp decline.
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