Gold Technical Analysis show the decline could continue, Technical readings in the daily chart suggest that the decline may continue according to Neal Bhai, CFA Analysts @nealbhai GoldSilverReports.
“The metal collapsed after completing a pullback to a broken 20 DMA. Technical indicators head firmly south within negative levels, and at their lowest since mid-March.”
Bednarik notes that a relevant low stands around the 1670 area and warns that below the next support comes at April 21st low at 1,658.78.
Read More : Spot Gold Technical Outlook Sell Between $1712—$1714 Target $1682—$1672 – Neal Bhai Reports
XAU/USD is losing more than $40 on Friday and recently bottomed at $1670/oz, the lowest intraday level since May 1.