The
US dollar is seen generally stronger amid the rising expectations for the
upcoming rates hike and the bulls are retreating from the buck-denominated
precious metals. Today Gold prices marked a fresh new low at $1215 and
bullishness is fading away in the short term.
Currently
Gold is finding support at $1214 (23.6% Fibonacci retracement of latest
November to February up leg). The four-hour time frame is showing bearish 20-day
SMA, while the 100-day SMA has lost direction and is acting as a resistance at
$1238. RSI and stochastic are heading south and are displaying extreme oversold
conditions. Thus situated according to the technical readings, it appears
likely that the precious metal is poised to extend the downward slope towards
$1210 level and even may drop to test the key support at $1200.
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