Gold Short-Term Bias Skewed to The Downside

Gold is trading on the negative side in early trading for the current session, and prices are witnessing some intraday stability below 1901.

In terms of technical analysis, and by taking a look at the 240-minutes chart, we find that negative signs started to appear on the stochastic and began to gradually lose the bullish momentum, with the RSI steady below 50 over short time intervals. With trading below 1901 Fib 61.80%, we will favor the bearish bias towards the first target of 1882 then 1871.

The stability of daily trading below 1911/1910 is a necessary condition to maintain the bearish view, and breaking those levels would negate the bearish scenario, and we may witness a slight bullish tendency targeting a re-test of 1927 then previously breached support 1934, 50% retracement.

S1: 1882.00	R1: 1910.00
S2: 1871.00	R2: 1927.00
S3: 1854.00	R3: 1938.00