Gold price stays side-lined
The spot gold price continues to trade sideways below the 55-day simple moving average (SMA) at $2,34 per troy ounce and the May-to-July downtrend line at $2,345.
A fall through Monday’s low at $2,319 could lead to the May-to-June lows at $2,294-to-$2,278 being revisited. This support area is key for the medium-term trend.
Only a rise above the May-to-July downtrend line at $2,345 would put the 21 June high at $2,368 back on the cards.
