Gold Technical Analysis: Daily chart turns bearish

Omkar Godbole FXStreet Contributor

Gold could fall to $1,300, as the yellow metal established a bearish lower high-lower low with a close below $1,321 yesterday.

Daily chart

The bearish lower high-lower low is backed by a negative crossover of the 5- and 10-day moving averages (MAs) and RSI's break below the support line. So, $1,300 could be put to test in the next week or so.

On the higher side, a close above $1,332 is needed to abort the bearish outlook.

Trend: Bearish

1. R3 1340.92
2. R2 1335.53
3. R1 1327.82
PP 1322.43
1. S1 1314.72
2. S2 1309.33
3. S3 1301.62

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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