Gold’s Losses Risk Breach Of 1,800 Level Again - Action Forex
Gold prices are approaching again the 40-period SMA which is near the 1,800 psychological mark. The RSI indicator is ticking south slightly below the neutral threshold of 50, while the MACD is losing momentum below its trigger line and near the zero level. The Ichimoku lines are also pointing down, while the short-term simple moving averages (SMAs) are following the current price action.
The selling interest would likely take the market towards the 1,800 support level before touching the 1,784 recent low, which overlaps with the lower boundary of the Ichimoku cloud. Further losses could move the commodity until the 1,761 barrier.
On the other side, a successful jump above the 200-period SMA could drive the price until the 1,820 resistance ahead of 1,850.
All in all, the yellow metal has been in ascending move over the last two weeks and any advances beyond 1,820 could confirm this outlook.
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