Gold Below 200SMA

For the past few days Gold was trying to keep its position above the 200SMA. This is the only reason investors and traders held their long positions in the precious metal. Expectations, however, are often different than reality. This is the case that we witnessed in this scenario, too. 

Gold climbed above the 200SMA, stayed there for a few days and reversed back below it. It went up to $1,192 and then a few days later fell to $1,163 to currently trade at $1,167. 

Market sentiment remains bearish, so if you have any open long positions you may want to wait for brighter days. 

Chart: H1 XAUUSD