The further downside appears more compelling, as the 50 DMA has crossed below the 200 DMA, confirming a Death Cross a day ago.
Additionally, the 14-day Relative Strength Index (RSI) indicator is lurking below the 50 level, justifying the bearish potential in Gold price.
However, a dead cat bounce cannot be ruled out given that the Gold price has fallen hard in the early part of the week.
If Gold sellers find a strong foothold below the $1,900 support, a fresh sell-off toward the August 21 low of $1,885 will be on the cards. The next downside target is seen at the $1,970 static support.
.Gold Sell 1897
Target 1879
Sl 1908
Additionally, the 14-day Relative Strength Index (RSI) indicator is lurking below the 50 level, justifying the bearish potential in Gold price.
However, a dead cat bounce cannot be ruled out given that the Gold price has fallen hard in the early part of the week.
If Gold sellers find a strong foothold below the $1,900 support, a fresh sell-off toward the August 21 low of $1,885 will be on the cards. The next downside target is seen at the $1,970 static support.
.Gold Sell 1897
Target 1879
Sl 1908
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