- Gold holds near the 20-day SMA
- Oscillators are heading south
Gold prices are moving back and forth of the 2,320 barrier and the 20-day simple moving average (SMA), while remaining in a positive territory. However, the technical oscillators are weakening their momentum. The MACD is standing beneath its trigger line above the zero level, while the RSI is ticking down above the neutral threshold of 50.
If the price remains above the 2,320 support then the price may re-challenge the 2,400 round number before touching the record high of 2,431.48. Rising further, the price may hit the next handles such as 2,500 and the 261.8% Fibonacci extension level of the down leg from 2,088 to 1,810 at 2,515.
On the other hand, a decline beneath the 2,320 level could open the way towards the 161.8% Fibonacci of 2,245, which stands slightly beneath the 50-day SMA. Even lower, the 2,222 line and the 2,195 support may halt bearish actions.
To sum up, gold prices are failing to improve their upside movements in the short-term view, but the broader outlook is still bullish.
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