Technical analysis: Spot gold under pressure; Room to explore deeper waters?

<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/05/Gold-002-250×151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="Daily Market Commentary" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2022/05/Gold-002-250×151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/05/Gold-002-700×422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/05/Gold-002-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/05/Gold-002-120×72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/05/Gold-002-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/05/Gold-002-500×301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/05/Gold-002.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><p>Across the page on the daily timeframe, support at $1,919 appears to be hanging by a thread. This level is key. Clearance of this base would technically hand the baton to sellers to run for support from $1,866, which shares chart space with the 200-day simple moving average (red – $1,850).</p>
<p>Technicians will also note that the daily timeframe continues to chalk up an early downtrend (lower lows/highs). This, together with the weekly and daily timeframes now both showing average losses exceeding average gains (negative momentum – Relative Strength Index [RSI] below the 50.00 centreline), adds weight to the idea that sellers could remain in the driving seat for now, particularly if the daily price convincingly closes under the daily support at $1,919.</p>
<p>Weekly Chart:</p>
<p><img decoding="async" class="alignnone wp-image-27032 size-full" src="https://www.fpmarkets.com/blog/wp-content/uploads/2023/06/XAUUSD_2023-06-22_16-51-30.png" sizes="(max-width: 2442px) 100vw, 2442px" srcset="https://www.fpmarkets.com/blog/wp-content/uploads/2023/06/XAUUSD_2023-06-22_16-51-30.png 2442w, https://www.fpmarkets.com/blog/wp-content/uploads/2023/06/XAUUSD_2023-06-22_16-51-30-300×152.png 300w, https://www.fpmarkets.com/blog/wp-content/uploads/2023/06/XAUUSD_2023-06-22_16-51-30-768×388.png 768w, https://www.fpmarkets.com/blog/wp-content/uploads/2023/06/XAUUSD_2023-06-22_16-51-30-1024×517.png 1024w" alt="Spot Gold Under Pressure; Room to Explore Deeper Waters?, FP Markets" width="2442" height="1234" />Daily Chart:</p>
<p><img decoding="async" class="alignnone wp-image-27033 size-full" src="https://www.fpmarkets.com/blog/wp-content/uploads/2023/06/XAUUSD_2023-06-22_16-53-18.png" sizes="(max-width: 2447px) 100vw, 2447px" srcset="https://www.fpmarkets.com/blog/wp-content/uploads/2023/06/XAUUSD_2023-06-22_16-53-18.png 2447w, https://www.fpmarkets.com/blog/wp-content/uploads/2023/06/XAUUSD_2023-06-22_16-53-18-300×152.png 300w, https://www.fpmarkets.com/blog/wp-content/uploads/2023/06/XAUUSD_2023-06-22_16-53-18-768×388.png 768w, https://www.fpmarkets.com/blog/wp-content/uploads/2023/06/XAUUSD_2023-06-22_16-53-18-1024×517.png 1024w" alt="Spot Gold Under Pressure; Room to Explore Deeper Waters?, FP Markets" width="2447" height="1236" />Charts: TradingView</p>
<p>Yesterday’s report: DTechnical analysis: GBP/USD ahead of CPI data … <a href="https://www.leaprate.com/forex/market-news/technical-analysis-gbp-usd-ahead-of-cpi-data/" target="_blank" rel="noopener">Read More</a></p>
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<p><em><strong>Disclaimer</strong>: The information contained in this material is intended for general advice only. It does not take into account your investment objectives, financial situation or particular needs. FP Markets has made every effort to ensure the accuracy of the information as at the date of publication. FP Markets does not give any warranty or representation as to the material. Examples included in this material are for illustrative purposes only. To the extent permitted by law, FP Markets and its employees shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided in or omitted from this material. Features of the FP Markets products including applicable fees and charges are outlined in the Product Disclosure Statements available from FP Markets website, www.fpmarkets.com and should be considered before deciding to deal in those products. Derivatives can be risky; losses can exceed your initial payment. FP Markets recommends that you seek independent advice. First Prudential Markets Pty Ltd trading as FP Markets ABN 16 112 600 281, Australian Financial Services License Number 286354.<br />
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<p><em>Opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.</em></p>
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<p>The post <a rel="nofollow" href="https://www.leaprate.com/forex/market-news/technical-analysis-spot-gold-under-pressure-room-to-explore-deeper-waters/">Technical analysis: Spot gold under pressure; Room to explore deeper waters?</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>