Dailyfx expert Michael Boutros gave information about the latest gold price outlook from his corner today.
The evaluations made by the famous expert are as follows:
Gold prices have now dropped more than 4% from their weekly highs while testing the first major support zone. The decrease constitutes a break of the opening range of the price on the monthly base. While price threats are reduced, gold may be vulnerable where the sales downtrend support converges.
Gold Technical View
In last week's Gold Price View, we noted that the ounce price recovery was vulnerable when it was below 1900. Looking for a response in the main support, we encounter the September low of $ 1837, an annual price range level.
With a break here, the price of an ounce can be expected to reach $ 1803. This region is also the region where depletion is expressed.
Gold prices fell by more than 3.5% earlier in the week and is currently testing this key support zone.
If the Decline Continues
If the decline continues, the first level to be seen is the $ 1790 level.
Taking a closer look at the gold price action, breaking the low of November's opening range keeps the focus lower on gold prices.
This also means that the gold price is currently testing its first key support targets.