Xauusd Technical Overview
Having taken down all the major Fibonacci Retracement (Fibo) levels recently, Gold price Is consolidating the downside before the next push lower.
In doing so, Gold price has retraced the entire advance from the October 10 low of $2,604 to the all-time high of $2,790.
The 14-day Relative Strength Index (RSI) remains below the 50 level, keeping the downside risks well in place.
Any recovery in Gold price will need to find acceptance above the strong resistance near $2,645, where the 50-day Simple Moving Average (SMA) and the 78.6% Fibo level of the same ascent close in.
The next topside barriers are 61.8% Fibo and 50% Fibo supports-turned-resistances at $2,673 and $2,695, respectively.
If the downtrend regains traction, sellers will attack the October 10 low of $2,604, below which a test of the 100-day SMA at $2,538 will be inevitable in the coming days
In doing so, Gold price has retraced the entire advance from the October 10 low of $2,604 to the all-time high of $2,790.
The 14-day Relative Strength Index (RSI) remains below the 50 level, keeping the downside risks well in place.
Any recovery in Gold price will need to find acceptance above the strong resistance near $2,645, where the 50-day Simple Moving Average (SMA) and the 78.6% Fibo level of the same ascent close in.
The next topside barriers are 61.8% Fibo and 50% Fibo supports-turned-resistances at $2,673 and $2,695, respectively.
If the downtrend regains traction, sellers will attack the October 10 low of $2,604, below which a test of the 100-day SMA at $2,538 will be inevitable in the coming days
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