Gold Price News and Forecast: XAU/USD prices trying to find a bottom following a switch in safe-haven flows
|Gold bottoming in the $1,460s although CTAs switch net short
Gold is looking for a bottom having dropped significantly this month from a high of $1,703 to a low of $1,451.08, trading today between a corrective range of $1,464.37 and $1,501.20/oz. The downside is counter-intuitive to what would normally mean a bid for gold, as US stock markets plummet.
Gold bears break key borders; uptrend at risk below 1,450 [Video]
Gold closed slightly below the 200-day simple moving average (SMA) on Wednesday for the first time since the end of 2018, having breached the supportive trendline from 1,269 earlier this week too.
Adding to the bearish sentiment, the RSI continues to extend south and is ready to pierce its 30 oversold level, while the MACD is deep in the negative territory , below its trigger line, and close to a former support area, hinting a cautiously short-term bearish bias.
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