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Gold Continues to Target The Downside

The technical outlook for gold has not changed, nor has there been any significant change in its movement still in sideway moves.

Technically, looking at the 4-hour chart, we find that the RSI supports the downside moves, in addition to the confirmation of gold’s breach of 1901 support, which turned into resistance, 61.80% Fib

We maintain our negative outlook towards 1860/1863 as initial targets and may extend to 1856. The bearish scenario depends on the price remaining below 1901 and most importantly 1915.

Warning: the risk level may be high today.

S1: 1874.00R1: 1901.00 
S2: 1860.00   R2: 1915.00 
S3: 1848.00   R3: 1926.00 

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