Nothing seems to have changed technically for Gold price, as it continues to extend its struggle below the 21-Daily Moving Average (DMA) at $1,669. The 14-day Relative Strength Index (RSI) remains flatlined below the 50.00 level, suggesting that bears will likely retain control. Bulls need a weekly close above the 21DMA to revive the recovery momentum from monthly troughs. Monday’s high at $1,671 will then come into play.
The next relevant barriers are seen at the October 13 high of $1,683 and the $1,700 mark. Rejection at 21DMA once again will reopen the downside towards Wednesday’s low at $1,650, below which the weekly low at $1,638 will be retested. The last line of defense for buyers is envisioned at the monthly low of $1,617.