Gold’s rebound from the 100-DMA support on Friday and a rise to 5-DMA level of $1316 suggests the retreat from Sep 7 high of $$1353 may have run out steam, nevertheless, a failure to take out 5-DMA if followed by a break below Asian session low $1309 could send the metal down to 100-DMA level of $1304.
Only a day end close above 50-DMA level of $1332 would signal bearish invalidation.
Only a day end close above 50-DMA level of $1332 would signal bearish invalidation.
