Gold prices have been slipping over the last session in the 4-hour chart, meeting the 23.6% Fibonacci retracement level of the upward wave from 1,678 to 1,798 at 1,769.
The price is capped by the short-term simple moving averages (SMAs), holding in the Ichimoku cloud, while the RSI is falling in the negative territory. However, the stochastic is trying to turn slightly higher in the oversold zone.
If the selling interest persists and the 23.6% Fibonacci proves easy to overcome, the next support could come from the 1,758 barrier. Marginally beneath these levels, the 38.2% Fibonacci of 1,752 could be the next target ahead of the 100-period SMA at 1,743.
Alternatively, a rebound on the 1,769 level could open the way for a retest of the bearish cross within the short-term SMAs at 1,780 before challenging the 1,785 resistance. Breaching this level, the two-month high of 1,798 and 1,815 could be in the spotlight.
In conclusion, the precious metal is declining in the near term, however, in the bigger outlook, the price is looking predominantly positive and any decreases beneath the 100-period SMA may shift this view to bearish.
