Gold Price on Cusp of Testing June Low
The price of gold appears to be on track to test the June low ($1893) as it extends the series of lower highs and lows from last week.
Gold Price Outlook
The price of gold seems to be tracking the negative slope in the 50-Day SMA ($1941) as it registers a fresh monthly low ($1903), and failure to defend the June low ($1893) may push the Relative Strength Index (RSI) towards oversold territory as it slips to its lowest level since June.
A break/close below the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region may push the price of gold towards $1843 (50% Fibonacci retracement), with the next area of interest coming in around the March low ($1809).
Nevertheless, the price of gold may attempt to retrace the decline from the start of the month if it holds above the June low ($1893), with a move above $1937 (38.2% Fibonacci extension) raising the scope for a move towards the monthly high ($1966).
Gold Price Outlook
The price of gold seems to be tracking the negative slope in the 50-Day SMA ($1941) as it registers a fresh monthly low ($1903), and failure to defend the June low ($1893) may push the Relative Strength Index (RSI) towards oversold territory as it slips to its lowest level since June.
A break/close below the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region may push the price of gold towards $1843 (50% Fibonacci retracement), with the next area of interest coming in around the March low ($1809).
Nevertheless, the price of gold may attempt to retrace the decline from the start of the month if it holds above the June low ($1893), with a move above $1937 (38.2% Fibonacci extension) raising the scope for a move towards the monthly high ($1966).
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