Gold remains vulnerable amid bearish technical set up. The price teases head-and-shoulders on the hourly chart. Bearish hourly RSI, not yet in the oversold territory. Gold (XAU/USD) saw some aggressive selling in the last hour and revisited daily lows near $1925 region, courtesy of the fresh leg higher in the US dollar. The greenback caught a fresh bid-wave across the board after the major central banks announced that they would scale back dollar repos as coronavirus pandemic-led market tensions ease. Looking at gold, technically, the price has charted a potential head-and-shoulders formation on the hourly chart, with an hourly close below the neck line at $1924 to validate the bearish pattern. The yellow metal is primed for a fresh sell-off should the bulls fail to defend the $1924 barrier. The next cushion is seen at $1900, below which the three-week lows of $1863 will come into play. The hourly Relative Strength Index (RSI) remains bearish but just above the oversold territory, suggesting more room to the downside. Any recovery attempts will meet stiff resistance at the downward-sloping 21-hourly Simple Moving Average (HMA) at $1949. Acceptance above the latter will call for a test of the immediate hurdle around $1970 region (horizontal 100 and 200-HMAs) while the buyers could target the 50-HMA resistance at $1978 thereon. Gold: Hourly chart Gold Additional levels 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 CHF: ‘Upside Down’; Staying Core Bearish GBP/CHF M-Term – BofA Kenny Fisher 2 years Gold remains vulnerable amid bearish technical set up. The price teases head-and-shoulders on the hourly chart. Bearish hourly RSI, not yet in the oversold territory. Gold (XAU/USD) saw some aggressive selling in the last hour and revisited daily lows near $1925 region, courtesy of the fresh leg higher in the US dollar. The greenback caught a fresh bid-wave across the board after the major central banks announced that they would scale back dollar repos as coronavirus pandemic-led market tensions ease. Looking at gold, technically, the price has charted a potential head-and-shoulders formation on the hourly chart, with an hourly close… Regulated 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.
