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In a quiet US data week, gold prices has started the week on the front foot by moving to the upside and recovering some of the losses that it experienced in the past few days.
Speaking from a technical price perspective, gold bulls are very much in control of the price action if we look at the daily time frame and this is because the price is trading still well above the 200-day simple moving average on the chart below. However, the momentum to the upside is under threat as the shinning metal’s price has recently broken below the 100-day simple moving average.
Putting both arguments together, what this really mean is that it may be true that the current price action may be oversold and this means that a correction is on the table. However, in order for the price action to really continue its momentum to the upside, the price must be able to overcome its next challenge which is moving above the 100-day SMA . I am a former Hedge Fund Trader with over 15 years of experience in investment banking.
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