Gold prices test support at $2,600! If it falls below, it will fall further towards the 100-day moving average.
Gold's upward momentum stalled on Monday as selling pushed prices below $2,700 and pulled them below $2,630.
According to market analysts, if the bears cause gold prices to fall below $2,630, the next support level will be $2,600. If broken, gold prices would fall towards the 100-day moving average (currently at $2,565.76), followed by the November 14 low of $2,536.
If buyers regain the 50-day moving average, gold prices may challenge $2,700. Once broken, the next target will be $2,750, followed by the all-time high of $2,790.
Oscillators like the Relative Strength Index (RSI) have turned bearish, meaning sellers are now in control.
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