The precious metal was seen maintaining its bearish momentum on Monday, although price action was relatively subdued. Gold prices fell 0.24% on the day. Economic data on the day was sparse with most of the technical trading coming out from Friday’s payrolls report.
Will Gold Extend Further Losses?
Price action in the precious metal currently indicates that there could be further downside. Following the breach of the rising trend line, gold briefly retested the breakout level before easing back lower. The immediate support at 1383.60 remains the key level of interest. If this support gives way, gold prices could extend further declines.
