Gold Price Analysis: XAU/USD breaches 100-day SMA for first since March
Gold looks south , having breached the widely-tracked 100-day simple moving average (SMA) support for the first time since March 23. The yellow metal fell by 1.67% on Wednesday and closed below the 100-day SMA, flipping the long-term technical support into resistance. The SMA is currently located at $1,887, and the metal is trading at $1,878 per ounce.
Wednesday’s drop also marked a downside break of the ascending channel represented by trendlines connecting Sept. 28 and Oct. 14 lows and Oct. 2 and Oct. 12 highs. Asia Market: Global markets tremble
Gold started on the defensive and racked up further losses . Initially, the USD was slightly firmer in response to Europe’s falling equities on concerns over rising Covid-19 cases on both sides of the Atlantic. That seemed to provide a level of anxiety for gold investors. […]
October 31, 2020 (updated October 31, 2020) Published by StockMan