VOT Research Desk
Despite the recent rally, the gold price is holding onto Wednesday’s bearish break of a two-week-old ascending trend channel, which keeps sellers optimistic.
The negative MACD indications and the quote’s recent inability to breach the 78.6% Fibonacci retracement of the metal’s August-September drop are also pointing to the XAUUSD’s decline.
However, before attacking the 61.8% Fibonacci retracement level of $1,733, gold sellers may wait for a fall break of the last swing low, around $1,755.
On the other hand, a break over the 78.6% Fibonacci retracement level of $1,766 will bring the $1,800 level back into play.
|
Daily SMA20 |
1693.05 |
|
Daily SMA50 |
1680.69 |
|
Daily SMA100 |
1713.21 |
|
Daily SMA200 |
1802.47 |
