Gold fell to a one-month low of $1,486 soon before press time. The slide to four-week lows has bolstered the bearish technical setup and exposed the 50-day MA support at $1,469. Gold is currently trading at $1,488 per Oz, having dropped to $1,486 soon before press time. That was the lowest level since Aug. 13. The slide to one-month low has strengthened the bearish bias put forward by the daily chart double top breakdown confirmed on Thursday and the weekly chart bearish engulfing pattern. Also, the relative strength index (RSI) is now reporting bearish conditions with a below-50 print. The indicator has turned bearish for the first time since May. The 5- and 10-day moving averages (MAs) are also trending south, indicating a bearish setup. All-in-all, the yellow metal risks falling to the 50-day MA, currently at $1,469. A minor bounce may precede a drop to $1,469, as the intraday charts are reporting oversold conditions. Daily chart Trend: Bearish Technical 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 Short Euro on ECB’s less QE and more rate cuts – Morgan Stanley FX Street 4 years Gold fell to a one-month low of $1,486 soon before press time. The slide to four-week lows has bolstered the bearish technical setup and exposed the 50-day MA support at $1,469. Gold is currently trading at $1,488 per Oz, having dropped to $1,486 soon before press time. That was the lowest level since Aug. 13. The slide to one-month low has strengthened the bearish bias put forward by the daily chart double top breakdown confirmed on Thursday and the weekly chart bearish engulfing pattern. Also, the relative strength index (RSI) is now reporting bearish conditions with a below-50… 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.
