Gold faces tough week ahead

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Staff Reporter
Islamabad

Gold price is likely to face further loss this week and go down towards $1,855 an ounce.

On the daily chart basis, the Relative Strength Index (RSI) indicator fell to its lowest level since late April, suggesting that buyers are having a hard time staying in control.

Additionally, gold tested the ascending trend line coming from early May for the third time on Friday.

A daily close below that line, which is currently located around $1,873, could open the door for additional losses toward $1,855 (June 4 low) and $1,840 (200-day SMA).

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