Technical Analysis – Gold struggling to hold above 1330 on increased downside pressure
Posted on August 8, 2016 at 9:28 am GMTGold prices extended Friday’s sharp losses today to hit an intra-day low at just above 1330. The commodity continues to face downward pressure with the stochastics trending down and falling below 50, while prices today slipped below the 20-day moving average. Further losses are therefore possible in the near term with support likely to come at around the 1325 area. Below that, the 50-day moving average comes into focus at 1310. A drop below the 50-day moving average would shift [..]