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Gold Price Analysis: Bears eyeing $1450 horizontal support, YTD lows

  • Gold continued losing ground for the second straight session on Thursday.
  • Bears are likely to wait for a sustained break through the $1450 support.

Gold added to the previous day's losses and edged lower for the second consecutive session on Thursday, sliding back closer to YTD lows set on the first day of this week.

The recent swing lows, around the $1450 region, marks an important horizontal support and should now act as a key pivotal point for the commodity's near-term trajectory.

Given the precious metal's inability to move back above the very important 200-day SMA, the technical set-up supports prospects for a further near-term depreciating move.

Meanwhile, oscillators on the daily chart maintained their bearish bias but have moved on the verge of breaking into oversold territory and warrant some caution for aggressive traders.

Hence, it will be prudent to wait for a sustained break through the mentioned support before positioning for any further downfall, possibly towards challenging the $1400 round-figure mark.

On the flip side, immediate resistance is pegged near the key $1500 psychological mark (200-DMA) and any attempted move beyond might still be seen as a selling opportunity.

Gold daily chart

fxsoriginal

Technical levels to watch

 

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