- Gold ranges from $ 1,780 to $ 1,765.
- The yellow metal is poised to post the lowest daily close in five months.
Gold falls for the second day in a row on Monday. It bottomed at $ 1,764 / oz, the lowest level in five months and then rallied, but was unable to stay above $ 1,780. At time of writing, the metal is trading at $ 1,778, poised to post the lowest close in five months.
During November, XAU / USD it lost almost 6%, having the worst month since 2016. It extended the downward correction from record levels for the fourth consecutive month.
The slide gained momentum after breaking below $ 1,850 and has yet to find strong support. A recovery above $ 1,800 could point to an interim low.
From a technical perspective, the short-term trend still points to the downside. Many indicators show oversold readings, but there are no signs of correction at the moment. Below $ 1,765, the next target is at $ 1,750. On the upside, $ 1,795 / $ 1,800 is the key barrier, followed by $ 1,818 and $ 1,845.
Technical levels
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