Technical Analysis – Gold looking to rebound on 38.2% Fibonacci after pausing downtrend
Posted on June 3, 2020 at 10:32 am GMTGold prices are heading sharply lower and have hit the lower surface of the Ichimoku cloud after bouncing off the 100-period simple moving average (SMA). The commodity has paused its bearish move at the 38.2% Fibonacci retracement level of the up leg from 1,614 to 1,765 at 1,718. Looking at the technical indicators, the RSI is pointing slightly up in the negative zone, however, the MACD is decreasing below the zero and trigger lines. If the price fails to dive beneath the 1,716 support it could challenge [..]