Gold’s daily chart shows a bearish engulfing candle. The 14-day RSI has turned bearish for the first time since the last week of May. Gold is looking south and could drop below $1,400 before the weekend, according to technical charts. The yellow metal fell from $1,434 to $1,410 on Wednesday, engulfing the price action seen in the preceding seven days. The bearish engulfing candle indicates a resumption of the pullback from the July 19 high of $1,453. Further, the metal also confirmed a downside break of an ascending channel with a close below $1,420 yesterday. What’s more, the 14-day relative strength index is now reporting bearish conditions with a below-50 reading for the first time since the end of May. All-in-all, the path of least resistance is to the downside. Acceptance below the psychological support of $1,400 would shift risk in favor of a drop to the ascending 50-day moving average (MA), currently located at $1,378. As of writing, gold is changing hands at $1,407, representing 0.30% drop on the day. Daily chart Trend: Bearish Pivot 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 US Dollar Index technical analysis: Rallies to fresh 27-month high, eyes on long-term resistance-line FX Street 4 years Gold's daily chart shows a bearish engulfing candle. The 14-day RSI has turned bearish for the first time since the last week of May. Gold is looking south and could drop below $1,400 before the weekend, according to technical charts. The yellow metal fell from $1,434 to $1,410 on Wednesday, engulfing the price action seen in the preceding seven days. The bearish engulfing candle indicates a resumption of the pullback from the July 19 high of $1,453. Further, the metal also confirmed a downside break of an ascending channel with a close below $1,420 yesterday. … 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.
