Gold continues to belong to the bears
Updated
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Currently, the price of gold is trading below $1,840, the lowest level since March 10th, putting the last quarter of this year in a negative situation. The US dollar is strengthening its previous recovery against its major counterparts, bolstered by the recent uptick in the US dollar.
With the Relative Strength Index (RSI) indicator in 14 days deep into oversold territory, gold sellers remain cautious about the next price decline.
If gold sellers succeed in demonstrating their strength, immediate support is envisioned at the lowest level on March 10th, which is $1,828. Below that level, it cannot rule out testing the static support level of $1,810.
Currently, the price of gold is trading below $1,840, the lowest level since March 10th, putting the last quarter of this year in a negative situation. The US dollar is strengthening its previous recovery against its major counterparts, bolstered by the recent uptick in the US dollar.
With the Relative Strength Index (RSI) indicator in 14 days deep into oversold territory, gold sellers remain cautious about the next price decline.
If gold sellers succeed in demonstrating their strength, immediate support is envisioned at the lowest level on March 10th, which is $1,828. Below that level, it cannot rule out testing the static support level of $1,810.
Note
The USD Index rose 0.1%, anchoring near a 10-month peak against rival currencies and making gold less attractive to buyers denominated in other currencies.
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