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Type: Commodities
Ticker: XAUUSD

GOLD - USD - Gold Plunged More Than 11% Since November - 12/12/2016

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The yellow metal plunged more than 11% since last month and created the fifth negative week in a row following the strong rebound on the $1.337 resistance barrier. The XAU/USD pair is moving near the $1,155 price level and continues its downward movement with strong momentum.

The technical structure remains bearish, as on the daily chart the technical indicators are following an oversold zone. The MACD oscillator is moving slightly above its trigger line while it is still below the zero line. The Relative Strength Index (RSI) is holding in an oversold area and is pointing downwards. The price continues establishing well below the three SMAs (50-SMA, 100-SMA and 200-SMA) while, during the last hours, it broke the $1,160 barrier to the downside and is approaching the $1,140 support barrier.
  • Timeframe : 4H
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