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16 Mar 2020

Gold Price Analysis: Finds some support near $1450 horizontal level, remains vulnerable

  • Gold witnessed some aggressive selling on the first day of a new trading week.
  • The intraday slide took along some short-term trading stops near 200-day SMA.
  • The near-term oversold conditions warrant some consolidation or a modest bounce.

Gold extended last week's sharp retracement slide from multi-year tops and witnessed some aggressive selling for the fifth consecutive session on the first day of a new trading week.

A sustained break below the very important 200-day SMA, near the key $1500 psychological mark, was seen as a key trigger for bearish traders and aggravated the selling pressure.

The commodity nosedived to over one-month lows and is currently placed near an important congestion zone, around the $1450 region, tested in November and December 2019.

Meanwhile, technical indicators on short-term charts are already flashing slightly oversold conditions and warrant some caution before positioning for any further depreciating move.

Hence, a near-term consolidation, or a modest recovery to the $1480 region, looks a distinct possibility, albeit might still be seen as an opportunity to initiate some fresh bearish positions.

Meanwhile, a sustained break below the mentioned support might turn the commodity vulnerable and pave the way for an accelerated decline towards the $1400 round-figure mark.

Gold daily chart

fxsoriginal

Technical levels to watch

 

Mar 16, 2020

US Treasury Sec. Mnuchin: Fed is ahead of issues, nobody has to pull money out of banks

"The US banking system can handle this after the Fed's actions," US Treasury Secretary Mnuchin told CNBC on Monday, per Reuters. "There will be a surg
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Mar 16, 2020

S&P500 New York Price Forecast: Rollercoaster week ahead, Fed cut rates, limit down

Circuit breakers are preventing the index to fall dramatically too fast. The market is currently stuck below the 2600 mark within Friday’s range which was the
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