Gold set for back-to-back losses for the first time in three weeks

<p>The near-term chart shows the change in prospects for gold as price now falls below the 100-hour moving average (red line). That indicates that the near-term bias is now more neutral as sellers wrestle back some control:</p><p>The fall comes after gold tested the highs from June and July around the region of $1,983-87 on the daily chart. And with a lack of significant escalation in the Israel-Hamas conflict since the weekend, we are perhaps starting to see safety bets come off the boil even more this week.</p><p>If gold keeps with losses today, it will be the first back-to-back daily decline for the precious metal since the start of October.</p><p>That could be a turning point for sellers to try and gather more momentum for a downside push in the sessions ahead. The next key test will be the 200-hour moving average (blue line) first around $1,935.24 currently before moving on to the 100 and 200-day moving averages around $1,922-31 next.</p>

This article was written by Justin Low at www.forexlive.com.