Gold couldn’t stabilize above 1219.00 and that is why it declined again. We need to see a breakout below 1205.00 to affirm the bearishness based on stable moves below moving averages.
Gold failed to achieve a daily closing below 1205.00, but it is still stable below 1219.00, which may cause a new bearish attempt, as this level is 38.2% Fibonacci.
On the downside, coming below 1200.00 will extend the bearishness since RSI shows a slight upside actions.
Meanwhile, moving averages on the verge of achieving a bearish crossover and that is also negative.
Support: : 1200.00 – 1190.00 – 1174.00
Resistance: 1205.00 – 1219.00 – 1225.00
Direction: Bearish below 1200.00
Tags:
