Gold closed the third straight week in destructive territory. As FXStreet’s Eren Senfgezer notes, the technical outlook exhibits that the bearish bias stays intact within the short-term.
Gold is more likely to discover it tough to stage a convincing rebound
“The Relative Power Index (RSI) indicator on the every day chart stays close to 40, suggesting that gold stays bearish and has extra room on the draw back earlier than turning technically oversold. Sellers, nevertheless, may keep on the sidelines till XAUUSD makes a every day shut beneath $1,800 (psychological degree). In that situation, $1,780 (static degree) aligns as the following bearish goal forward of $1,767 (static degree).”
“On the upside, $1,810 (static degree, former help) aligns as first technical hurdle earlier than $1,832 (20-day SMA). The descending pattern line coming from early March stays intact and kinds stiff resistance at $1,840, the place the 200-day SMA is situated.”
