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Further Downside Ahead For Gold?

Published 04/26/2016, 05:02 AM
Updated 07/09/2023, 06:31 AM

The bullish attempts were limited below SMA20 at 1238.00, which may cause further downside actions for gold.

Gold Chart

The negativity requires a break below 1219.00 to activate the bearishness on ADX.

RSI moves below 50.00 but remains sideways, and we need the aforementioned breakout.

On the upside, a break above 1250.00 will negate the bearishness.

Support: 1227.00 – 1219.00 – 1205.00

Resistance: 1238.00 – 1250.00 – 1260.00

Direction: Bearish

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