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