XAUUSD ANALYSIS OVER H1 CHART.
Forecast for Gold Prices: Sellers seize control of XAU/USD, targeting a protracted slide below $2,300
The price of gold is still restricted in a range, and the 21-day and 50-day Simple Moving Averages (SMA) confluence around $2,345 is the upper limit of the price range, favoring sellers in the short-term technical picture. Conversely, the downside is protected by the $2,277 low from May 3.
The 14-day Relative Strength Index (RSI), which is now at 48.00, is able to stay below the 50 threshold.
Additionally, on a daily closing basis on Friday, the 21-day SMA crossed the 50-day SMA from above, verifying a Bear Cross.
These technical signs suggest that there will likely be more drops in the price of gold.
The $2,300 barrier is currently the area of immediate support; a decline below this will activate the $2,287 low from June 10th.
If there is a prolonged decline below the latter, sellers will target the psychological barrier of $2,250 and retest the low of $2,277 on May 3.
Alternatively, any gold price recovery will require acceptance above the 21-day and 50-day SMAs, which are located at $2,345, the important confluence support that turned resistance.
On their journey to the June 7 high of $2,388; purchasers of gold will next stretch their biceps for the May 24 high of $2,364.
The price of gold is still restricted in a range, and the 21-day and 50-day Simple Moving Averages (SMA) confluence around $2,345 is the upper limit of the price range, favoring sellers in the short-term technical picture. Conversely, the downside is protected by the $2,277 low from May 3.
The 14-day Relative Strength Index (RSI), which is now at 48.00, is able to stay below the 50 threshold.
Additionally, on a daily closing basis on Friday, the 21-day SMA crossed the 50-day SMA from above, verifying a Bear Cross.
These technical signs suggest that there will likely be more drops in the price of gold.
The $2,300 barrier is currently the area of immediate support; a decline below this will activate the $2,287 low from June 10th.
If there is a prolonged decline below the latter, sellers will target the psychological barrier of $2,250 and retest the low of $2,277 on May 3.
Alternatively, any gold price recovery will require acceptance above the 21-day and 50-day SMAs, which are located at $2,345, the important confluence support that turned resistance.
On their journey to the June 7 high of $2,388; purchasers of gold will next stretch their biceps for the May 24 high of $2,364.
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