Following its failure to break the November 2020 bottom, gold prices finally slipped to the lowest since July during early Friday. However, the metal bounced off quickly from the $1,760.55 low and remains sluggish off-late. This suggests the bulls’ inability to cheer the oversold RSI conditions while bears also await confirmation. As a result, a clear break below $1,764 becomes necessary for gold sellers to eye April 2020 peak surrounding $1,748. However, any further weakness will end-up meeting June’s low of $1,670 wherein the $1,70 can play the role of a buffer.
Meanwhile, corrective pullback needs to cross the February 04 low near $1,785 before challenging the $1,800 threshold. Though, any further upside will have to cross a six-week-old resistance line, at $1,825 now, before trying to conquer the 200-day SMA level of $1,857. Overall, gold bears are likely to remain dominant for a while but not without corrections.
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