Gold outlook – increased risk of drop to daily 100-SMA
Resistance – $1230, $1236, $1249
Support– $1224.60, $1215.33, $1200
Support– $1224.60, $1215.33, $1200
- Doji formation on daily chart adds credence to a possibility of minor technical correction in gold, although prices failed near daily 5-MA in Asia.
- This if followed by a move below Asian session low of $1224.60 would open doors for a slide to daily 100-MA level of $1215.33.
- Such a move would daily RSI into oversold territory, thus leading to sideways to positive action.
