Quick technical analysis
Gold buyer's losses to extend in coming sessions as long as we are trading below 1875$ which is 100 day exponential moving average (blue line) as mentioned in previous post this support level looks fragile and once again trapped buyers at above 1880 level. Gold made some struggle above 100 day ema for some hours but badly failed to sustain above that level. We are already far below 50 day ema (red line) which is 1900$ price. If gold price fails to take a sustained move above 1975$ it will remain bearish. However, it may find some very strong support and bounce back from 1791$ which is 200 day ema and the previous breakout level. Keeping a closer look at last 3 years historical data gold provides ultimate support and safest buying opportunity at 200 day ema. So i believe we will see some huge buying optimism at that level.
Note: this analysis is based on moving averages any sudden change in fundamental can invalidate this analysis so strict money management rules are advised to apply on trades. Buying is not an option now look for high prices to sell this off. Good luck with your trades
Note: this analysis is based on moving averages any sudden change in fundamental can invalidate this analysis so strict money management rules are advised to apply on trades. Buying is not an option now look for high prices to sell this off. Good luck with your trades
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