Gold has been trending downwards since the 8th of January 2016, with the bears leading the price from as high as 1113.16 to as low as 1083.53.
During the course of the day on Monday, the pair fell from 1108.44 to 1092.99. Today, the precious metal consolidated for a bit, before falling down to 1083.53. At the time of writing the pair has risen to 1088.40. In the event that the buyers manage to gain momentum and push the price above 1092.99, the price could reach 1098.30 and 1101.76 respectively.
On the flip side, where the sellers keep exerting strong pressures and the price breaks below 1083.53, the price could decelerate down to 1079.13 and 1072.75.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.