Gold technical analysis: Bearish bias strengthens with drop to one-month lows

From fxstreet.com

Gold is currently trading at $1,488 per Oz, having dropped to $1,486 soon before press time. That was the lowest level since Aug. 13. The slide to one-month low has strengthened the bearish bias put forward by the daily chart double top breakdown confirmed on Thursday and the weekly chart bearish engulfing pattern. Also, the relative strength index (RSI) is now reporting bearish conditions with a below-50 print. The indicator has turned bearish for the first time since May. The 5- and 10-day moving averages (MAs) are also trending south, indicating a bearish setup. All-in-all, the yellow metal risks falling to the ... (full story)