Gold price languishes in six-day lows below $2,500 early Monday, extending the previous week’s downtrend following the constant rejection near $2,530 on Thursday.
Gold price extends losses to a six-day low below $2,500 early Monday. The US Dollar looks to build the recovery amid light trading and a cautious mood. The daily RSI stays bullish but a test of 21-day SMA at $2,475 looks likely before Gold buyers jump in.
On the flip side, if Gold buyers settle Monday above the 21-day SMA at $2,475, a rebound toward the $2,500 level could be seen. Acceptance above the latter could once again put the previous record high near $2,530 to test. Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange.
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