An interesting tussle is going on between bulls and bears on the 6 months daily bar chart pattern of gold. The zone between 1260 and 1280 has continued to provide good support on the downside, but gold’s price is touching lower tops.
So, who is winning this particular battle? Bears seem to be gaining the edge. Note that all three EMAs are moving down while gold’s price is oscillating about its falling 20 day and 50 day EMAs. The past 10 trading sessions has seen just 2 up days.
Daily technical indicators are a bit bearish. MACD is touching its rising signal line in negative territory. RSI has slipped below its 50% level. Slow stochastic is seeking support from its 50% level. Bulls will try to defend the support zone between 1260-1280.
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