Gold closed Tuesday below the rising trendline support at $1,820.25, confirming a two-week old pennant breakdown. $1,800 – two steps away, FXStreet’s Dhwani Mehta reports.
Buyers need to recapture $1,822
“Gold cracks the critical support line at $1,820.25. The downside break opens floors towards the $1,800 threshold. However, Friday’s low of $1,817 and June 15 low of $1,808 could come to the rescue of bulls before.”
“Buyers need to recapture the pennant support turned resistance, now at $1,822, above which a decent bounce towards the $1,838 area cannot be ruled out. Further up, the mildly bullish 200 DMA at $1,845 will challenge additional recovery moves. The bearish 50 DMA at $1,853 will be the last line of defense for XAU sellers.”
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