Gold Technical Analysis: Overnight rejection slide from 200-period SMA eyeing 1-week old ascending trend-line
|• The precious metal failed to capitalize on the overnight positive move and once again faced rejection - for the second time in the past one week or so, near 200-period SMA on the 4-hourly chart.
• The corrective slide has now dragged the commodity closer to a one-week-old ascending trend-line, which if broken might negate any near-term bearish bias and pave the way for further downside.
• Technical indicators on the 1-hourly chart have started gaining negative momentum but maintained their neutral bias on 4-hourly/daily charts, warranting caution before placing aggressive bearish bets.
• Hence, it would be prudent to wait for a convincing break through the mentioned support before positioning for an eventual slide below the key $1300 psychological mark towards testing $1295 support.
Gold 4-hourly chart
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