Daniel Rogers
Sep 05, 2022 16:26
Bears must regain footing below $1,700 to resume their downward momentum. The next cushion is located at $1,690, which corresponds to the rising trendline support. Below a break of the yearly lows, a test of the 2021 low of $1,677 is possible if the decline accelerates below the latter.
"The 21-day moving average (DMA) is poised to cross below the 50-day moving average (DMA), which, if confirmed by a daily closing price, will constitute a bear cross. The bearish crossover will lend credence to the metal's bearish prospects.
"The initial barrier for bulls will be Friday's high of $1,718, above which the $1,720 round figure could come into play. The August 31 high of $1,727 could be difficult for buyers of XAU."
Sep 06, 2022 15:16