Gold Outlook: XAU/USD Trend Remains Tilted Broadly Lower
Gold prices are seemingly struggling to extend a bounce that was initiated last week after a 'Flash Crash'.
Follow-through after a bullish Morning Star seems to be slowing.
Falling trendline from May and a bearish crossover between 50- and 200-day Simple Moving Averages seem to be planting a dominant downside bias.
Extending last year's top entails a close under March lows, exposing prices last tested in April 2020.
On the other hand, clearing the SMAs and trendline exposes a potential falling line from August 2020, which could reinstate the dominant downside focus.
XAUUSD
Follow-through after a bullish Morning Star seems to be slowing.
Falling trendline from May and a bearish crossover between 50- and 200-day Simple Moving Averages seem to be planting a dominant downside bias.
Extending last year's top entails a close under March lows, exposing prices last tested in April 2020.
On the other hand, clearing the SMAs and trendline exposes a potential falling line from August 2020, which could reinstate the dominant downside focus.
XAUUSD