Gold Price Analysis: XAU/USD eyes 200-day SMA
Having found acceptance under long-held support, gold now risks falling to the 200-day Simple Moving Average (SMA). The yellow metal closed below $1,850 on Monday, violating the level, which acted as a strong floor multiple times since September.
The breakdown is backed by a below-50 or bearish reading on the 14-day Relative Strength Index (RSI) and a negative MACD histogram. The 5- and 10-day SMAs are trending south, indicating a bearish setup, and so is the bearish crossover of the 50- and 100-day SMAs.
Gold Price Analysis: XAU/USD refreshes four-month low below $1,830 on market optimism
Gold drops to the fresh multi-month low of $1,826.53, down 0.35% intraday, during early Tuesday. The yellow metal recently took offers as US President Donald Trump flashed signs to formally shift powers to Joe Biden. Also favoring the risks could be the chatters concerning Biden’s team and the coronavirus (COVID-19) vaccines.
Although hesitantly, Trump ordered General Services Administration (GSA) to begin the process of opening the White House gates for the recently elected President Biden. This helps the Democrats to escalate the talks surrounding the COVID-19 aid package while also rushing the moves to prepare a sound team to battle the covid woes.
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