Gold’s breach of daily rising trend line coupled with a bearish move in the daily macd and daily RSI suggests prices could make a move lower towards 50-DMA level of $1312/Oz.
August is seasonally a strong month for the US dollar, which further adds credence to the bearish development on gold’s chart.
On the higher side, only a day end close back above rising trend line would signal bearish invalidation.
August is seasonally a strong month for the US dollar, which further adds credence to the bearish development on gold’s chart.
On the higher side, only a day end close back above rising trend line would signal bearish invalidation.
