👉On Tuesday, Gold price broke the range trade between the key 100-Daily Moving Average (DMA) at $1,952 and the mildly bullish 50 DMA at $1,932 to the downside after piercing through the latter on a daily closing basis.
👉The next relevant support aligns at the $1,916 level, which is the confluence of the 21 and 200 DMA. The downside bias remains intact for Gold price, as the 21 and 200 DMAs Bear Cross remains in play.
👉The 14-day Relative Strength Index (RSI) breached the midline for the downside, turning the tide in favor of Gold sellers. Deeper declines will put the previous week’s low of $1,904 back in sight.
👉Alternatively, Gold price will need to recapture the 50 DMA support-turned-resistance at $1,932 on a daily closing basis to make another run toward the 100 DMA hurdle at $1,952. Further up, the static resistance of $1,970 and the July 27 high of $1,982 will challenge the Gold price recovery.
SL : 1920
TP 1 : 1928
TP 2 : 1932
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