Gold is staging a rebound following Monday’s slump.
XAU/USD stays below a cluster of moving averages.
A daily close below $1,850 could cause the outlook to turn bearish.
After climbing to its highest level since mid-September at $1,965 on Monday, the XAU/USD pair made a sharp U-turn and suffered its largest daily percentage decline since early August. The pair closed at $1,861 and lost 4.58% but started to erase its losses on Tuesday. As of writing, XAU/USD was up 1.2% on the day at $1,884. Gold technical outlook Despite Tuesday’s rebound, XAU/USD continues to trade below the 20-day, 50-day and 100-day SMAs, which are currently located around $1,900 psychological level. Additionally, the Fibonacci 50% retracement of the June-August uptrend is reinforcing this resistance area. Meanwhile, the Relative Strength Index (RSI) indicator on the daily chart stays below 50, suggesting that the pair is making a technical […]
November 11, 2020 (updated November 11, 2020) Published by StockMan