Gold Price Susceptible to Test of 50-Day SMA
The price of gold remains under pressure after spiking to a fresh yearly high ($2147), with the weakness in bullion pulling the Relative Strength Index (RSI) from overbought territory.
Gold Price Outlook
The price of gold sits near the monthly low ($1976) as it weakens for the third consecutive day, with a break/close below the $1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) region raising the scope for a move towards $1937 (38.2% Fibonacci extension).
Failure to defend the November low ($1932) opens up the $1886 (23.6% Fibonacci extension) to $1897 (61.8% Fibonacci retracement), but the price of gold may track the positive slope in the 50-Day ($1967) should it continue to hold above the moving average.
Need a break/close above $2018 (61.8% Fibonacci extension) to bring $2076 (78.6% Fibonacci extension) back on the radar, with the next area of interest coming in around the yearly high ($2147).
Gold Price Outlook
The price of gold sits near the monthly low ($1976) as it weakens for the third consecutive day, with a break/close below the $1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) region raising the scope for a move towards $1937 (38.2% Fibonacci extension).
Failure to defend the November low ($1932) opens up the $1886 (23.6% Fibonacci extension) to $1897 (61.8% Fibonacci retracement), but the price of gold may track the positive slope in the 50-Day ($1967) should it continue to hold above the moving average.
Need a break/close above $2018 (61.8% Fibonacci extension) to bring $2076 (78.6% Fibonacci extension) back on the radar, with the next area of interest coming in around the yearly high ($2147).
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