Gold stays on the bear’s radar as it reverses the previous weekly gains, the first in five, ahead of the all-important US employment report for February. It’s worth noting, however, that the 200-EMA level surrounding $1,805 puts a floor under the metal price, a break of which could set the ball rolling towards the 50% Fibonacci retracement of November 2022 to...
Gold retreats towards $1,710 while fading the upside break of a seven-month-old resistance. In doing so, the yellow metal stays inside the bearish trend channel connecting levels marked since late April. That said, the latest pullback remains elusive until the quote remains beyond the aforementioned previous resistance line, around $1,685 at the latest. Following...
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Having reversed from early November’s swing high, gold broke the key support around $1,795 comprising 200-SMA and a 13-day-old ascending trend line. The downside move gains support from bearish MACD signal to direct gold bears towards a two-month-old horizontal region surrounding $1,760. However, RSI does approach the oversold territory and can trigger...
