Gold outlook - Sell-off to 50-DMA support likely
Repeated failure at $1220 resistance followed by Tuesday’s bearish outside day candle suggest the metal is likely to take out the double top neckline support of $1196.06 and extend the slide to 50-DMA level of $1176 levels.
On the higher side, only a daily close above $1220 would signal continuation of the rally from December low of $1122.
On the higher side, only a daily close above $1220 would signal continuation of the rally from December low of $1122.