Gold Prices Dip Below Key Technical Levels
Solid ECN—In today's trading session, the yellow metal dipped below the 23.6% Fibonacci support level and the Ichimoku cloud. When writing, the XAUUSD price is floating around $2,336, stabilizing below the EMA 50.
The technical indicators are bearish, with the relative strength index hovering below 50, and the awesome oscillator bars are in red and below the signal line.
From a technical standpoint, the gold market might have entered a consolidation phase that could extend to the 50% Fibonacci level at the $2,289 mark.
Conversely, should the price of gold flip above the cloud, we can consider that the uptrend will likely continue.