Gold Price Comes Up Against Channel Support
The price of gold has come up against channel support after falling for seven consecutive days.
Gold Price Outlook
The recent selloff in the price of gold has pushed the Relative Strength Index (RSI) into oversold territory for the first time in 2023, and bullion may face a further decline as long as the oscillator holds below 30.
Failure to defend the March low ($1809) opens up $1798 (38.2% Fibonacci retracement), but the price of gold may attempt to trade within the descending channel from earlier this year as it holds within yesterday’s range.
In turn, the price of gold may continue to hold above the March low ($1809) as it struggles to extend the recent series of lower highs and lows, with a move above $1843 (50% Fibonacci retracement) bringing the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region back on the radar, which largely lines up with channel resistance.
Gold Price Outlook
The recent selloff in the price of gold has pushed the Relative Strength Index (RSI) into oversold territory for the first time in 2023, and bullion may face a further decline as long as the oscillator holds below 30.
Failure to defend the March low ($1809) opens up $1798 (38.2% Fibonacci retracement), but the price of gold may attempt to trade within the descending channel from earlier this year as it holds within yesterday’s range.
In turn, the price of gold may continue to hold above the March low ($1809) as it struggles to extend the recent series of lower highs and lows, with a move above $1843 (50% Fibonacci retracement) bringing the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region back on the radar, which largely lines up with channel resistance.
Penafian
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