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XAU / USD is trading below the 200-day MA for the first time since March
Abstract：Gold is trading below the widely followed 200-day Simple Moving Average (SMA) for the first time since March.
Gold is trading below the widely followed 200-day Simple Moving Average (SMA) for the first time since March.
The long-term technical line is currently located at $ 1,800 and the metal is changing hands near $ 1,783 an ounce, a loss of 0.25% on the day.
The yellow metal closed below the 200-day SMA on Friday, exposing deeper support at $ 1,765 (May 18 low). The outage was reinforced by the bulls failure to old support turned 200-day SMA hurdle seen early today.
While the 14-day Relative Strength Index fell below 30 to indicate an oversold condition, the indicator would gain credibility if and when signs of seller exhaustion appear on the price chart.
The immediate bearish view would be invalidated if the metal finds acceptance above the 200 day SMA at $ 1,800.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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