Spot gold falls further on Monday as rising hopes that the US and China will soon reach a deal in the phase one of their trade talks, keeps risk mode and prompts traders out of safe-haven metal.
Monday’s extension of pullback from recovery high at $1474 market retracement of over a half of $1445/$1474 recovery leg), shifting near-term focus lower.
The pressure is maintained by falling 10DMA (currently at $1467) which capped recovery from $1445), with negative daily momentum gaining pace.
Daily MA’s in bearish setup and south-heading RSI add to negative outlook.
Bears pressure pivotal support at $1456 (Fibo 61.8% of $1445/$1474) close below which would generate fresh bearish signal for extension towards key support at $1445 (12 Nov low / Fibo 38.2% of $1266/$1557 Apr-Sep advance).
Res: 1462, 1467, 1474, 1479
Sup: 1456, 1452, 1445, 1436
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