The Relative Strength Index (RSI) on the daily chart is flashing extremely oversold conditions and makes it prudent to wait for some near-term consolidation or a modest bounce before positioning for a further depreciating move. The lack of firm buying interest, meanwhile, validates the near-term negative outlook for the XAU/USD. Hence, some follow-through weakness below the $1,815 level, or a multi-month low set on Tuesday, towards challenging the $1,800 round figure, looks like a distinct possibility.
A convincing break below the latter will expose the next relevant support near the $1,770-1,760 region. On the flip side, any recovery attempt might confront stiff resistance and remain capped near the $1,830-1,832 horizontal zone. A sustained strength beyond, however, might trigger a short-covering rally and lift the yellow metal to the $1,850 hurdle en route to the $1,858-1,860 strong barrier
GOLD SELL : 1822
TP : 1810
TP : 1800
TP : 1790 TARGET
SL : 1934
A convincing break below the latter will expose the next relevant support near the $1,770-1,760 region. On the flip side, any recovery attempt might confront stiff resistance and remain capped near the $1,830-1,832 horizontal zone. A sustained strength beyond, however, might trigger a short-covering rally and lift the yellow metal to the $1,850 hurdle en route to the $1,858-1,860 strong barrier
GOLD SELL : 1822
TP : 1810
TP : 1800
TP : 1790 TARGET
SL : 1934
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