Gold price continues to slide
Spot Gold’s drop from its $2,088 per troy ounce late December high amid an appreciating US dollar has so far taken it to Monday’s $2,017 low from where it is trying to recover. Slightly further down support can be found along the 55-day simple moving average (SMA) at $2,014 and, more significantly, between the October and late November highs at $2,009 to $2,007.
Resistance above the breached October-to-January uptrend line, now because of inverse polarity a resistance line, at $2,038 can be spotted at Friday’s $2,064 high. While remaining below it, downside pressure should retain the upper hand.