- Gold trades near $1,836, down nearly $20 from session highs.
- Technical charts suggest the bounce from recent lows has run ot steam.
Gold (XAU/USD) is currently trading largely unchanged on the day near $1,836 per ounce, having put in a high of $1,855 early Monday.
The long upper wick attached to today’s candle and the previous week’s candle indicates the bounce from the Nov. 30 low of $1,764 has run out of steam.
The metal could drop to Friday’s low of $1,824, under which the focus would shift to $1,764. Supporting the bearish case is the below-50 reading on the 14-day Relative Strength Index.
Alternatively, the Dec. 8 high of $1,875 is the level to beat for the bulls. A break higher would expose resistance near $1,9254 – that level is currently housing the trendline falling from Aug. 7 and Nov. 9 high.
Daily chart
Trend: Bearish
Technical levels
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