Gold continued to slide lower after better jobless-claims data from the U.S. Technically, gold remains weak and vulnerable to more selling pressure as traders are looking for a retest of $1625, which was January’s low. It's also trading below the 200- and 50-DMA at $1646.43. Should the yellow metal fail to hold on to $1625, then we could revisit the psychological level of $1600.
With the MACD rolling deeper in the negative zone and stochastic breaking south, prices will remain under selling pressure. Gold has been trading at the bottom of the Bollinger band for a few days, which seems to suggest weakness will continue to prevail.
The market will get more volatile as we get closer to the crucial support line. Cautious trading is advised and we only look to place a short sell at $1625 with a tight stop loss of $1628. We are still skeptical on this bearish move due to the low volume being traded.
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Gold: Weak With Strong Support At $1625
Published 02/15/2013, 11:50 AM
Updated 05/14/2017, 06:45 AM
Gold: Weak With Strong Support At $1625
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