The XAU/USD is down $20 per ounce for Monday, declining to $1,830.00 on the charts as Gold continues its decline. Gold spot prices are set to close in
the red for the sixth consecutive trading day, and the XAU/USD has closed flat or bearish for nine of the last ten daily candles.
Gold traders will be quick to note that much of the downside for XAU/USD is largely based on market concerns of a global economic slowdown, and if broader market sentiment is able to shrug off the jitters, Gold spot could easily see a rebound. Daily candlesticks sees Gold so bearish that it is firmly breaking technical indicators: the Relative Strength Index is at its most oversold since 2018, with a reading of 20.55, and the Moving Average Convergence-Divergence histogram is at its lowest reading since the first quarter of 2023.
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