Gold Price Falls Back from Channel Resistance
The price of gold appears to be falling back from channel resistance as it extends the decline from the start of the month.
Gold Price Outlook
The price of gold extends the series of lower highs and lows from earlier this week to register a fresh monthly low ($1915), and bullion may continue to operate within the descending channel from earlier this year as it trades back below the 50-Day SMA ($1932).
The bearish price series may push bullion towards the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region, with a breach of the August low ($1885) raising the scope for a test of channel support.
Nevertheless, the price of gold may trade within a defined range if it defends the August low ($1885), with a move back above the moving average bringing $1937 (38.2% Fibonacci extension) back on the radar.
Gold Price Outlook
The price of gold extends the series of lower highs and lows from earlier this week to register a fresh monthly low ($1915), and bullion may continue to operate within the descending channel from earlier this year as it trades back below the 50-Day SMA ($1932).
The bearish price series may push bullion towards the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region, with a breach of the August low ($1885) raising the scope for a test of channel support.
Nevertheless, the price of gold may trade within a defined range if it defends the August low ($1885), with a move back above the moving average bringing $1937 (38.2% Fibonacci extension) back on the radar.
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