The precious metal continued its descent, unmoved by the Fed’s actions over the weekend. Price fell to fresh lows of 1451.07 intraday before pulling back. This also coincides with the 200-day moving average which hasn’t been tested since May 2019. If moving average support along with the horizontal support at 1462 holds, we can expect some rebound. The main upside resistance is seen at 1534, followed by 1569.
