Gold price rebounded firmly from the critical 200-day Simple Moving Average (SMA) at $1,935 on Monday but remains at risk of further decline as the 14-day Relative Strength Index (RSI) continues to hold below the 50 level.
Daily closing below the latter is needed to fuel a sustained downtrend. The initial demand area will be then seen near $1,925, where the 100-day SMA and 50-day SMA hang around.
If the above support fails to hold, a sharp drop toward the October 16 low of $1,908 cannot be ruled out.
On the road to recovery, Gold buyers will need to take out Friday’s high of $1,961 to recapture the 21-day SMA at $1,970 en-route the $1,980 round figure.
Gold buy confirm 1973 my target
Daily closing below the latter is needed to fuel a sustained downtrend. The initial demand area will be then seen near $1,925, where the 100-day SMA and 50-day SMA hang around.
If the above support fails to hold, a sharp drop toward the October 16 low of $1,908 cannot be ruled out.
On the road to recovery, Gold buyers will need to take out Friday’s high of $1,961 to recapture the 21-day SMA at $1,970 en-route the $1,980 round figure.
Gold buy confirm 1973 my target
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