- Despite Friday’s disappointing US monthly jobs report, Gold struggled to capitalize on its move to near 14-month tops and once again failed to sustain above the $1340 level.
- The precious metal came under some intense selling pressure at the start of a new trading week in the wake of fading safe-haven demand amid the latest trade-related optimism.
The intraday slide dragged the commodity below 100-hour SMA for the first time since May 30. A subsequent slide below the 23.6% Fibonacci retracement level of the $1275-$1348 recent up-move now seems to have opened the doors for additional weakness.
Meanwhile, technical indicators on the 1-hourly chart have been gaining negative traction and also losing momentum on the 4-hourly charts, reinforcing the bearish outlook. However, oscillators on the daily chart maintained their bullish bias and warrant caution for aggressive traders.
Hence, it would be prudent to wait for a strong follow-through selling before confirming that the commodity might have actually topped out in the near-term and positioning for any further corrective slide – possibly led by some long-unwinding trade amid improving global risk sentiment.
Gold 1-hourly chart
-636957610414796419.png)
Share
