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Technical Analysis: Gold refreshes multi-month low, early-July top in focus

Having slipped beneath September lows, gold sellers attack 61.8% Fibonacci retracement of June-August upside. However, nearly oversold RSI conditions require the yellow metal to close below $1,824 to revisit the July 08 high near $1,818 during the further weakness. In a case where the gold bears dominate past-$1,818, the $1,800 threshold and a horizontal line comprising July 14 low and July 01 high, around $1,790, could gain market attention.

Meanwhile, any corrective pullback beyond the September month's low of $1,847.82 will need a daily closing beyond 50% Fibonacci retracement near $1,872 to convince the bullion buyers. Even so, 50-day EMA and the mid-month top, respectively around $1,890 and $1,900, may probe the precious metal buyers. Overall, gold bears are gradually firming up the grips amid the market's upbeat sentiment while odds concerning the US politics and covid vaccine are awaited for fresh impulse.

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