Is Gold turning Bearish?
Levels to watch:
50 DMA:1793.67
200 DMA: 1792.06
Monthly Open: 1774.93
50% Retrace off March 2020 Low: 17.63.16
61.8% Retrace off Aug 2021 Low: 1755.81
100% Expansion off Nov21 High: 1716.98
2021 Low: 1676.86
Gold has been closing for the last week below the 50 and 200 DMA. A break below the December low (and 50% retrace off the low set back in March 2020) could see the next support at the September 2021 low and 100% expansion off the Nov21 high at 1716.98. Last level of support for the bulls is the 2021 Low at 1676.86, and trendline from Aug 2018. Need to see a close above the 50and 200 DMA to get bulls going again...
50 DMA:1793.67
200 DMA: 1792.06
Monthly Open: 1774.93
50% Retrace off March 2020 Low: 17.63.16
61.8% Retrace off Aug 2021 Low: 1755.81
100% Expansion off Nov21 High: 1716.98
2021 Low: 1676.86
Gold has been closing for the last week below the 50 and 200 DMA. A break below the December low (and 50% retrace off the low set back in March 2020) could see the next support at the September 2021 low and 100% expansion off the Nov21 high at 1716.98. Last level of support for the bulls is the 2021 Low at 1676.86, and trendline from Aug 2018. Need to see a close above the 50and 200 DMA to get bulls going again...
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