Gold fell to $1,253 in Asia – the lowest level since December 18. The RSI fell below 30.00 to show oversold conditions. Gold is likely losing its allure as a safe haven asset. The yellow metal fell to $1,253 in Asia – the lowest level since December 18 despite the rising odds of a full-blown trade war between the US and the rest of the world. Gold is also a currency with limited supply and cannot be printed out of thin air. So, its decline is likely an indication that other paper currencies have little room to rally against the greenback. As of writing, gold is trading at $1,255 – down 8.1 percent from the April high of $1,365. The sharp sell-off has pushed the 14-day relative strength index (RSI) below 30.00 (into oversold territory). Currently, the RSI is at the lowest level since December 2016. So, a minor corrective rally could be in the offing. Gold Technical Levels Resistance: $1,259.55 (session high), $1,272 (4H 50MA), $1,282 (May 21 low). Support: $1,235 (50-month MA), $1,213 (May 2017 low), $1,200 (psychological level). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/JPY coiling above 145.00 as traders wait for an impetus to pick a direction FX Street 3 years Gold fell to $1,253 in Asia - the lowest level since December 18. The RSI fell below 30.00 to show oversold conditions. Gold is likely losing its allure as a safe haven asset. The yellow metal fell to $1,253 in Asia - the lowest level since December 18 despite the rising odds of a full-blown trade war between the US and the rest of the world. Gold is also a currency with limited supply and cannot be printed out of thin air. So, its decline is likely an indication that other paper currencies have little room to rally… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
