Gold price is consolidating losses in early Thursday's trading, having touched the lowest level in five months at $1,890. GOLD sellers are bidding time before the next push lower, as the United States Dollar (USD) continues to garner demand heading into a fresh batch of mid-tier US economic data.
Gold price extended its downside break of the all-important 200-Daily Moving Average (DMA), now at $1,906, on Wednesday, aided by a Bear Cross confirmation on the daily chart.
The downward-sloping 21 DMA cuts the 50 DMA from above on a daily closing basis, validating the bearish continuation pattern. The 14-day Relative Strength Index (RSI) is sitting just above the oversold territory, suggesting that there is more room for Gold sellers to flex their muscles.
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SELL GOLD 1906 - 1908
SL : 1915
TP 1: 1903 TP 2: 1900 TP 3: 1995
Not
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