Gold price stalled its upside break from the falling wedge at $1,964 yet again, as sellers jumped back last Friday.
Gold price, however, managed to close the week above the critical 100-Daily Moving Average (DMA), then at $1,954.
Meanwhile, the 14-day Relative Strength Index (RSI) is edging lower, looking to test the midline, suggesting that the corrective downside in Gold price could likely extend.
Adding credence to the bearish potential in Gold price, the 50 DMA has crossed the 100 DMA from above, but Gold sellers await a confirmation on a daily closing basis to flex their muscles.
Immediate support now awaits at the $1,950 psychological barrier, below which the $1,940 demand area could cap the Gold price decline. Further south, Tuesday’s low of $1,932 will be challenged.
On the upside, a sustained break above the June 16 high at $1,968 is critical to reviving the uptrend toward the June 2 high at $1,984. The next relevant upside barrier for Gold price is seen at the $2,000 mark.
