Gold price technical analysis: Daily chart
As observed on the daily chart, Gold price is battling the
21-day Simple Moving Average (SMA) support at $2,650.
The 14-day Relative Strength Index (RSI) is trading flat at
around the 50 level, suggesting a lack of clear directional
bias at the moment.
If Gold buyers flex their muscles, the rebound could test
the 50-day SMA at $2,670, above which the $2,700 level
will come into play.
Additional upside could retest the multi-week high of
$2,726.
On the flip side, a daily candlestick close below the 21-day
SMA at $2,650 could call for a retest of the December 6
Iow of $2,613
The last line of defence for Gold buyers is seen at the
$2,600 area, where the 100-day SMA coincides with the
November 26 low.
21-day Simple Moving Average (SMA) support at $2,650.
The 14-day Relative Strength Index (RSI) is trading flat at
around the 50 level, suggesting a lack of clear directional
bias at the moment.
If Gold buyers flex their muscles, the rebound could test
the 50-day SMA at $2,670, above which the $2,700 level
will come into play.
Additional upside could retest the multi-week high of
$2,726.
On the flip side, a daily candlestick close below the 21-day
SMA at $2,650 could call for a retest of the December 6
Iow of $2,613
The last line of defence for Gold buyers is seen at the
$2,600 area, where the 100-day SMA coincides with the
November 26 low.
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