Gold Battles With 200-Period SMA Below 1,800
Gold prices could not find enough buyers to overcome the 200-period simple moving average (SMA), with the spotlight remaining on the $1,800 mark.
Encouragingly however, the RSI and the MACD continue to hold above their recent lows, while the latter has also managed to crawl back above its trigger line, providing some optimism that the bulls may not give up the battle yet.
The 1,790 level, where the 20-period SMA has converged, could challenge any bullish attempts towards the 1,809-1,815 area. Hence, any breakout at this point may gather extra interest, with the price likely speeding up to 1,850 in the aftermath. The five-month high of 1,877 could come on the radar next, though only a rally above the 1,916 top can boost buying confidence in the medium- and long-term picture.
Alternatively, an extension below 1,770 will strengthen the case for a down-trending market, likely activating a fresh bearish wave towards the 1,760 and 1,745-1,750 zone. Failure to hold above that floor could cause another negative extension towards the four-month-old 1,717 restrictive region.
In brief, although the fresh decline from 1,877 has downgraded the short-term outlook to slightly bearish, upside corrections cannot be ruled out in the near term according to the technical indicators.
December 01, 2021 at 11:47PM
XM.com
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