Gold Technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Gold price trend has decisively shifted from bullish to bearish. After peaking near the 4380.00 price level, the price has entered a sharp reversal, breaking below all three visible Simple Moving Averages and the significant psychological support level at 4000.00. This indicates strong selling pressure and a clear change in market sentiment. The price is trading well below the red 30-period SMA at 4101.84, the green 60-period SMA at 4069.30, and the blue 90-period SMA at 4119.51, which are now acting as a strong resistance cluster. A bearish crossover of these moving averages appears imminent, which would further confirm the new downward trend.



The Relative Strength Index, or RSI, is hovering at 49.4, right around the 50 midline. This reading suggests neutral momentum, indicating that the recent small bounce from the channel's bottom has stalled and failed to generate any significant buying power.

The 30-period Relative Strength Index, or RSI, is at 34.68 and trending sharply downwards, reflecting strong bearish momentum as it approaches oversold territory. Key resistance is now firmly established at the recently broken 4000.00 level, with another minor level at 4055.50. The next major support target to the downside is the 3800.00 level. In summary, the technical picture is decidedly bearish, with sellers in control, and any short-term bounces are likely to be treated as selling opportunities with strong resistance expected at the 4000.00 mark.
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