- Gold looks south, having breached support at $1,850.
- The daily chart indicators favor a deeper drop to the 200-day SMA.
Having found acceptance under long-held support, gold now risks falling to the 200-day Simple Moving Average (SMA).
The yellow metal closed below $1,850 on Monday, violating the level, which acted as a strong floor multiple times since September.
The breakdown is backed by a below-50 or bearish reading on the 14-day Relative Strength Index (RSI) and a negative MACD histogram. The 5- and 10-day SMAs are trending south, indicating a bearish setup, and so is the bearish crossover of the 50- and 100-day SMAs.
As such, the long-term SMA of $1,796 could soon come into play. The yellow metal is currently trading at a four-month low of $1,824 per ounce, representing a 0.68% drop on the day.
Daily chart
Trend: Bearish
Technical levels
XAU/USD
Source: https://www.fxstreet.com/news/...
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