Gold Price Dips Below 50-Day SMA
The price of gold dipped below the 50-Day SMA ($2022) for the first time since November to register a fresh monthly low ($2002).
Gold Price Outlook
The price of gold bounces along the 50-Day SMA ($2022) as it attempts to retrace the decline from the start of the month but, need a move above $2076 (78.6% Fibonacci extension) to bring the January high ($2079) on the radar.
At the same time, the price of gold may struggle to hold its ground should it no longer respond to the positive slope in the moving average.
Failure to hold above the $2018 (61.8% Fibonacci extension) to $2020 (78.6% Fibonacci extension) region may push the price of gold back towards the monthly low ($2002), with the next area of interest coming in around the $1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension), which incorporates the December low ($1973).
Gold Price Outlook
The price of gold bounces along the 50-Day SMA ($2022) as it attempts to retrace the decline from the start of the month but, need a move above $2076 (78.6% Fibonacci extension) to bring the January high ($2079) on the radar.
At the same time, the price of gold may struggle to hold its ground should it no longer respond to the positive slope in the moving average.
Failure to hold above the $2018 (61.8% Fibonacci extension) to $2020 (78.6% Fibonacci extension) region may push the price of gold back towards the monthly low ($2002), with the next area of interest coming in around the $1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension), which incorporates the December low ($1973).
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