Gold collapses below $1500, down 6% since opening on Monday
Spot gold price collapsed through round-figure $1500 support and 200DMA ($1497) on Monday, extending steep fall into sixth consecutive day.
Recovery attempt after Fed rate cut proved to be short-lived and the greenback regained traction, sending the yellow metal’s price to the lowest levels in four months.
Gold fell over 5% in the Asian/European trading on Monday, with no signs that sharp bearish acceleration is going to slow down.
Bears focus target at $1452 (Fibo 38.2% of larger $1046/$1703 ascend and November 2019 higher base / weekly cloud top at $1445, violation of which would generate next strong bearish signal.
Upticks towards 200DMA and daily cloud base ($1531) in extension, are expected to provide better opportunities to re-enter bearish market.
Only return and close above daily cloud top ($1571) would sideline bears.
Res: 1497; 1505; 1531; 1535
Sup: 1465; 1452; 1445; 1400