Gold price witnessed a steep fall after failing to test the critical resistance of $2,050.00 on Thursday. The yellow metal corrected sharply and dropped below the upward-sloping trendline plotted from April 03 low at $1,950.52. The Gold price is expected to decline further towards the advancing trendline placed from March 22 low at $1,934.34.
The precious metal has dropped below the 50-period Exponential Moving Average (EMA) at $2,016.83, which indicates that the short-term trend has turned bearish.
Meanwhile, the Relative Strength Index (RSI) (14) has slipped into the bearish range of 20.00-40.00, indicating more weakness ahead.
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