TVC:GOLD Gold prices (XAU/USD) remain at an intraday low near 1,960$ as it falls for the second day in a row while reversing Friday's corrective rally early Tuesday in Europe. In doing so, the precious metal bears the weight of a firmer US Dollar ahead of the first readings of the Purchasing Managers' Index (PMI) for May from leading economies including the United States.
A clear break of the ascending support line has formed in three days, now an immediate resistance near 1960$, suggesting that gold prices will continue to fall. Adding strength to the bearish trend are bearish MACD signals. However, the monthly low around 1,945$ could spur the bears as the RSI appears oversold.
In the event that Gold prices still fall through 1955$, the late-March low near 1940$ could attract XAU/USD sellers.
Meanwhile, a break of immediate support turning resistance near 1,960$ is not an open opportunity for Gold buyers as the 100-HMA hurdle near 1,975$ and the resistance line sloping down from May 11th. 5, near 1,970$ at the latest, could challenge the XAU/USD uptrend.
Accordingly, a three-week descending resistance line near 1,990$ should act as the Gold Bears' final layer of defense.
Really enjoying your content. Keep coming with more great ideas!
TheCryptagon
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Crystal clear charting. Keep up the good work.
InvestingScope
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Fine work. When would be the best time to enter the market?
gwen902
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the only way is down !
tommyXAU
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down she goes! im with you mate
brandonvarisco
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I agree with your assessment, good findings. I noticed it as well and posted a chart as well. If you go to a bit longer view, it is not only a double top, but you can actually see that it formed a triple top, making your prediction even more of a possibility.