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Gold - was on the backfoot but now trying to establish some support here

Chart & Data from IG

By Minipip
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Was on the backfoot but now trying to establish some support here

Gold was on the back foot but trying to find some support here. Currently trading at around $2,348 an ounce, a push above $2,364 could pave the way toward $2,378 and then maybe back up to $2,400. Near-term support at $2,325 and then today’s low of $2,322. A fall below $2,322 is likely to see a re-test of the May low,  or respectively, $2,277. The MACD technical indicator is still negative but the RSI has now edged higher into the neutral stance whilst pointing slightly higher. A flat to rising MACD would increase the likelihood of the commodity testing those resistance levels above.

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