The tide turned against Gold buyers on Monday, prompting Gold price to yield a downside break from a rising wedge formation, as it closed below the rising trendline support at $1,797 on a four-hourly candlestick closing basis. The sell-off took out the bullish 21-Simple Moving Average (SMA), now at $1,789 while the horizontal 50SMA at $1,769 came to the rescue of Gold optimists.
The Relative Strength Index (RSI) remains flatlined below the 50.00 level, suggesting that there is more room to the downside in the near term. If the 50SMA support gives way, sellers could challenge the 100SMA at $1,764. The rising (dashed) trendline support at $1,757 will be the level to beat for the bears.
A sustained break below the latter could trigger a fresh downswing toward the pattern target measured at $1,732.
In case, the 50SMA cushion holds the fort, then the rebound could see legs toward the 21SMA support-turned-resistance. Further up, the $1,800 round figure will be back on buyers’ radars.
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