Technical Analysis – Gold extends its decline to fresh 29-month lows

Gold has been losing ground since early March, generating a profound structure of lower highs and lower lows within a descending channel. Furthermore, in the last few daily sessions, the technical picture has deteriorated, with the price forming consecutive fresh 29-month lows and trading beneath its lower Bollinger band.

The short-term oscillators currently suggest that bearish forces are strengthening. Specifically, the RSI has entered the 30-oversold zone, while the MACD histogram is retreating below both zero and its red signal line.

Should selling pressures persist, the 1,600 psychological mark could act as the first line of defence. Sliding beneath that floor, the April 2020 support of 1,566 might curb any further downside moves. Failing to halt there, the attention could shift to the March 2020 low of 1,451.

On the flipside, bullish actions could propel bullion towards its recent high of 1,688. Conquering this barricade, the bulls could aim for the crucial 1,734 level, which overlaps with the 50-day simple moving average (SMA) and the restrictive trendline taken from the commodity’s peaks. Jumping above that zone, the price could ascend towards 1,765 or higher to test the August high of 1,807.

All in all, gold has been developing within a descending move since March 8, and only a decisive advance above the upper boundary of its declining channel may change its outlook to bullish. 

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。


本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。