Technical analysis: Spot gold could fall to the $3,314 to $3,342 range
On Monday (August 11), spot gold prices weakened during the Asian session and are currently trading around $3,378.10 per ounce.
Reuters technical analysts pointed out that spot gold could fall below the support level of $3,364 an ounce and fall towards the range of $3,314 to $3,342.
Gold prices may have formed a top after several days of trading sideways below the $3,415 resistance level. Channel technical indicators suggest that gold prices may fall further to $3,352.
The bearish divergence in the hourly RSI suggests that the market is unlikely to return to its high of $3,408 in the coming days.
If it breaks through $3,387, gold prices could see a weak rise near $3,415. The daily chart shows that gold prices failed to break through the resistance level of $3,396. This marks the completion of the rally in gold prices from $3,268.
The most likely scenario is that the metal price will fall below the lower trendline of the rising triangle to confirm its top pattern.
At 11:31 Beijing time, spot gold was trading at $3378.10 per ounce.
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Disclaimer: The content of this article does not represent the views of the Institute of Foreign Exchange. The content is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.