VOT Research Desk
On the four-hour chart, the rising triangle breakdown is still in force, keeping gold price on the defensive in the lower range of this week’s trading range thus far.
In order to unleash further downward toward the 100SMA at $1,764, a four-hourly candlestick closing below the slightly bullish 50-Simple Moving Average (SMA) at $1,770 is essential.
Next on the sellers’ radar will be the rising (dashed) trendline support at $1,761. The Relative Strength Index (RSI) is moving lower below the midline, supporting the likelihood for short-term bearishness.
Gold price may make a slight recovery toward the downward-pointing 21SMA around $1,785 if bulls are successful in defending the 50SMA support one more time.
The $1,800 acceptability barrier will be the target of buyers’ best efforts.
