collected by :kiven Dixter
Gold fell to fresh 2018 low of $1,275 today. Persistent bull failure seems to have opened the floodgates for sell-off to $1,240. Gold (XAU/USD) fell sharply to a fresh 2018 low of $1,275 today and could drop further to $1,240 in a week or two, the technical charts indicate. What's more, the yellow metal jumped above the 200-day moving average of $1,308 this week, but quickly fell back below $1,302.76 (neckline). Only a weekly close above $1,302.76 would abort the bearish view.
Gold fell to fresh 2018 low of $1,275 today. Persistent bull failure seems to have opened the floodgates for sell-off to $1,240. Gold (XAU/USD) fell sharply to a fresh 2018 low of $1,275 today and could drop further to $1,240 in a week or two, the technical charts indicate. What's more, the yellow metal jumped above the 200-day moving average of $1,308 this week, but quickly fell back below $1,302.76 (neckline). Only a weekly close above $1,302.76 would abort the bearish view.
Gold Price Forecast: Bearish bias intact, but 'death cross' confirmation could yield minor corrective rally
The gold daily chart shows death cross - a bearish crossover between the 50-day and 200-day moving average (MA) - which is often used as a contrarian technique for short-term trading. So, a minor corrective rally could be on the cards. Daily chartChart source: NetstationGold will likely drop to $1,240-$1,235 in a couple of weeks, albeit after a minor corrective rally, the technical studies indicate. Hence, a minor corrective could be on the cards next week despite the death cross. ViewThe death cross confirmation could yield a minor corrective rally to $1,282-$1,285 range.
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