Gold Price Falls Towards August Low
The price of gold registers a fresh monthly low ($1906) after struggling to push back above the 50-Day SMA ($1932).
Gold Price Outlook
The price of gold continues to trade within the descending channel from earlier this year as it extends the decline from the start of the month, and bullion may continue to give back the rebound from the August low ($1885) as it carves a series of lower highs and lows.
A break/close below the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region brings $1843 (50% Fibonacci retracement) on the radar, but the price of gold may track the flattening slope in the moving average if it defends the August low ($1885).
Gold Price Outlook
The price of gold continues to trade within the descending channel from earlier this year as it extends the decline from the start of the month, and bullion may continue to give back the rebound from the August low ($1885) as it carves a series of lower highs and lows.
A break/close below the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region brings $1843 (50% Fibonacci retracement) on the radar, but the price of gold may track the flattening slope in the moving average if it defends the August low ($1885).
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