Gold’s recovery lost momentum with 4 hour MACD crossed below signal line. That came after hitting 55 day EMA, and well ahead of 1875.59 near term resistance. Overall outlook stays bearish that decline from 1959.16, as the third leg of the corrective pattern from 2075.18, is in favor to continue.
On the downside, break of 1818.66 minor support will bring retest of 1784.67 first. Break will target 1764.31 and then 38.2% retracement of 1160.17 to 2075.18 at 1725.64. Nevertheless, break of 1875.59 will argue that the falling leg form 1959.16 has completed and bring stronger rebound.
