Gold Price Selloff Pushes RSI Towards Oversold Territory
The price of gold takes out the August low ($1885) as it continues to trade within the downward trending channel from earlier this year.
Gold Price Outlook
The price of gold appears to have reversed ahead of the September high ($1953) as it trades back below the 50-Day SMA ($1931), and bullion may track the negative slope in the moving average as it trades to a fresh monthly low ($1880).
A close below the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region may push the price of gold towards $1843 (50% Fibonacci retracement), with the next area of interest coming in around the March low ($1809).
Will keep a close eye on the Relative Strength Index (RSI) as it approaches oversold territory, but the oscillator may show the bearish momentum abating if it fails to push below 30.
Gold Price Outlook
The price of gold appears to have reversed ahead of the September high ($1953) as it trades back below the 50-Day SMA ($1931), and bullion may track the negative slope in the moving average as it trades to a fresh monthly low ($1880).
A close below the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region may push the price of gold towards $1843 (50% Fibonacci retracement), with the next area of interest coming in around the March low ($1809).
Will keep a close eye on the Relative Strength Index (RSI) as it approaches oversold territory, but the oscillator may show the bearish momentum abating if it fails to push below 30.
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