Gold Technical Analysis: Challenges 100-DMA, bears eyeing a sustained break through $1280 support
|• The precious metal remained under some selling pressure for the third consecutive session on Monday, with bears now eyeing a follow-through weakness below 100-day SMA for the first time since mid-Nov. 2018.
• A convincing break through the mentioned support, leading to a subsequent slide below $1280 horizontal zone would mark a bearish breakdown and pave the way for an extension of the depreciating move.
• Technical indicators on hourly charts maintained their bearish bias and have just started gaining negative momentum on the daily chart, further reinforcing/adding credence to the near-term bearish outlook.
• Hence, any attempted rebound might now be seen as an opportunity to initiate some fresh bearish positions for an eventual downside target of $1260 with some intermediate support near the $1275 and $1268-66 regions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.