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Gold Price Outlook: breaking 50 SMA to below

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by , 04-24-2022 at 10:30 AM (430 Views)
      
   
The price of gold slipped below the 50-Day SMA for the first time since February as it extends the decline from the monthly high ($1998), and the update to the US Personal Consumption Expenditure (PCE) Price Index may drag on bullion as the Federal Reserve’s preferred gauge for inflation is expected to downtick for the first time since August.

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The H4 intra-day price is below 200 SMA by crossing 1936 support level to below for the primary bearish trend to be continuing with 1926 target to re-enter.

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The daily price is breaking 50 SMA to below on open D1 bar for the possible secondary correction to be started within the primary daily bullish trend with the 1850 daily bearish reversal level.


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