Gold stabilizes above $2,600 after sell-off on hope of ceasefire
Gold fluctuates above $2,600 on Tuesday after sliding almost three percent – a whopping $90 plus – on Monday due to rumors Israel and Hezbollah were on the verge of agreeing on a ceasefire. Whilst good news for Lebanon, this was not good news for Gold as it improved the outlook for geopolitical risk.
At the time of writing, Gold price is consolidating the bounce near $2,625 as buyers stay cautious amid an impending Bear Cross.
The 21-day SMA is closing in to cut the 50-day SMA from above. If that happens on a daily closing basis, it will validate the bearish crossover.
Adding credence to the downside potential, the 14-day Relative Strength Index (RSI) has found a foothold below the 50 level, currently at 45.50.
The immediate support is at the intraday low of $2,605, below which a drop toward the 100-day SMA at $2,566 cannot be ruled out.
A sustained break below that level could challenge the November 14 low of $2,537.
Conversely, Gold buyers need a daily candlestick closing above the confluence of the 21-day SMA and the 50-day SMA at $2,667.
The next topside barriers are seen at the $2,700 level and Monday’s high of $2,721.
At the time of writing, Gold price is consolidating the bounce near $2,625 as buyers stay cautious amid an impending Bear Cross.
The 21-day SMA is closing in to cut the 50-day SMA from above. If that happens on a daily closing basis, it will validate the bearish crossover.
Adding credence to the downside potential, the 14-day Relative Strength Index (RSI) has found a foothold below the 50 level, currently at 45.50.
The immediate support is at the intraday low of $2,605, below which a drop toward the 100-day SMA at $2,566 cannot be ruled out.
A sustained break below that level could challenge the November 14 low of $2,537.
Conversely, Gold buyers need a daily candlestick closing above the confluence of the 21-day SMA and the 50-day SMA at $2,667.
The next topside barriers are seen at the $2,700 level and Monday’s high of $2,721.
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