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Gold could be poised for a continuation lower
Gold has stabilized near May’s floor of 2,285 after losing more than 3.0% on Friday to mark its biggest daily loss in two years. The price’s current lackluster performance indicates a probable bearish continuation, given its drop below the 20- and 50-day SMAs and beneath the significant trendline zone at 2,325. The technical indicators align with this narrative, as the RSI has dipped below its 50 neutral mark and the MACD has slipped below its zero line. In the event that the 2,285 base crumbles, validating a bearish head and shoulders formation, selling momentum could escalate towards the 2,220 level. Falling ... (full story)
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- Posted: Jun 10, 2024 6:58am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 506
