Gold Price Short Term Forecast: The Gold (Yellow Metal) pair neared a critical Fibonacci resistance level before resuming its slide, the 61.8% retracement of its July/August rally at $1,730, a sign that bears are willing to add on spikes. In the daily chart, the bright metal is developing below bearish moving averages, while technical indicators hold within negative levels, the Momentum flat but the RSI turning lower, in line with further slides ahead.
In the near term, and according to the 4-hour chart, the risk also skews to the downside. gold is back below a flat 20 SMA, while the longer ones head south well above the shorter one. Technical indicators, in the meantime, are back below their midlines, although without enough directional strength to confirm a bearish extension. Nevertheless, the risk of a test of the year low at $1,680 has increased after the failed attempt to surpass the aforementioned Fibonacci resistance level.
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