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We maintained our intraday neutrality during the previous analysis, indicating that we prefer to confirm the breach of the support level of 1685, in order to resume the decline.
Technically speaking, and by looking at the 4-hour chart, we find gold prices found a good support floor around 1690, and the RSI indicator is trying to provide positive signals on short intervals.
Despite the possibility of a slight bullish tendency in the coming hours, we prefer to witness a clear and strong breach of resistance at 1714, which is a catalyst that enhances the chances of a rally towards retesting 1717 and then 1729/1730.
Note: the expected slight bullish bias does not contradict the bearish trend, with official targets are around 1675 once the break of 1690 61.80% correction is confirmed.
| S1: 1690.00 | R1: 1717.00 |
| S2: 1675.00 | R2: 1729.00 |
| S3: 1663.00 | R3: 1745.00 |
