Gold Price News and Forecast: The yellow metal remains under bearish pressure
|Gold Technical Analysis: The precious metal is under pressure near four-month lows
Gold daily chart
On the daily time frame, gold is under pressure near the November lows while trading below the 1465 resistance and the 50 and 100 SMAs. If the sellers break the 1445 swing low, the market could decline further towards the 1400 psychological mark near the 200 daily SMA.
Gold Technical Analysis: Remains vulnerable to retest monthly lows, around $1445 region
Gold failed to capitalize on the early attempted positive move and has now drifted to the lower end of its daily trading range, well within the striking distance of two-week lows set on Tuesday.
Given the commodity's recent pullback from multi-year tops and a subsequent break through the key 100-day SMA support, the near-term technical set-up remains firmly in favour of bearish traders.
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