Major correction ongoing but may be long in the short term

Sellers are in control after gold made an ATH, but gold has reached a support which dates back to 2011 and 2012 - I expect it to make a significant move to the upside by bouncing off on the support - if it breaks down convincingly, gold will eventually be trading at much lower prices.

RSI is oversold - previously this resulted in a move to the upside.

Gold needs to break above $1950 in order to change the bearish outlook.