From a technical perspective, the Relative Strength Index (RSI) on the daily chart is flashing oversold conditions and makes it prudent to wait for some near-term consolidation or a modest bounce before positioning for any further losses. That said, the overnight swing high, around the $1,880 region, is likely to act as an immediate strong barrier. A sustained strength beyond could prompt a short-covering rally and allow the Gold price to reclaim the $1,900 round-figure mark.
On the flip side, the $1,858-$1,857 region, or a multi-month low touched on Thursday, now seems to protect the immediate downside. Some follow-through selling will be seen as a fresh trigger for bearish traders and make the Gold price vulnerable to accelerate the slide towards the next relevant support near the $1,820 zone. The downward trajectory could get extended further towards the $1,800 mark, which should act as a key pivotal point for short-term traders.
On the flip side, the $1,858-$1,857 region, or a multi-month low touched on Thursday, now seems to protect the immediate downside. Some follow-through selling will be seen as a fresh trigger for bearish traders and make the Gold price vulnerable to accelerate the slide towards the next relevant support near the $1,820 zone. The downward trajectory could get extended further towards the $1,800 mark, which should act as a key pivotal point for short-term traders.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.