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Technical Inference:
After the breach below the neckline of the triple top pattern at 1308.42 levels on daily charts, you can observe the tumbling of gold prices until 1266.77 levels where we are not seeing any strong support nor even any substantiation from any technical indicators.
So, ongoing upswings are not to be deemed as buying opportunities for long-term investors as we foresee more slumps to be evidenced on the break below the neckline.
On daily charts, 7DMA crosses below 21DMA which is again a sell signal.
On monthly plotting, shooting star occurred at peaks (1315.55 levels) of the intermediary trend.
Current prices drifting below 7EMA after the rejection of stiff resistance at 1385.
Current prices slid below 7EMA, more slumps likely up to 1243 (i.e. the collapse up to 21EMA).
Both leading oscillators on daily and monthly terms signal intensified selling momentum. RSI, Stochastic curves have been powerful in suggesting the current bearish trend to prevail as they reached oversold territory but no trace of recovery on EOD charts.
While MACD on daily terms remains in the bearish trajectory that is likely to drag down further.
Trading tips:
Aggressive speculators relying on intraday bullish sentiments can participate in these swings using one touch binary calls for targets up to 1275 levels.
