Gold – Bearish move could gather pace
Gold prices retreated in Asia as treasury yields rose, leading to broad based USD strength on hopes Fed’s Yellen could come out hawkish during her speech at Jackson Hole event on Wednesday.
On the daily chart, we have a bearish break from symmetrical triangle, with prices now within touching distance from 50-DMA support of 1329/Oz.
The daily RSI also shows a head and shoulder formation and a breach of neckline would signal further losses in gold prices.
To the downside, a break below 50-DMA could yield $1311 (July 21 low).
On the higher side, a break above $1358 (Aug 16 high) would signal bearish invalidation.
On the daily chart, we have a bearish break from symmetrical triangle, with prices now within touching distance from 50-DMA support of 1329/Oz.
The daily RSI also shows a head and shoulder formation and a breach of neckline would signal further losses in gold prices.
To the downside, a break below 50-DMA could yield $1311 (July 21 low).
On the higher side, a break above $1358 (Aug 16 high) would signal bearish invalidation.
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