Gold is trading in a general downtrend on the daily timeframe, within a range defined by the level of 3434.660, which represents the most recent lower high, and the level of 3120.820, which marks the most recent lower low. These levels define the current trading range on the daily chart.
Using Fibonacci from the daily lower high to the daily lower low, the level of 3367.445 is considered important and could act as a resistance level for a potential downward reversal, as it represents a premium price within the current daily trading range.
On the 4-hour timeframe, when examining the relationship between price action and the Relative Strength Index (RSI), we observe that the price formed two consecutive higher highs, while the RSI formed two lower highs. This creates a bearish divergence, which is a negative signal indicating a potential decline.
Additionally, on the 4-hour chart, the trend has shifted from bullish to bearish after the price fell below the 3290.84 level and formed a new lower low.
Based on the above technical data, a decline in gold prices is expected in the short to medium term. The first target could be set at 3281.148, while the second target may be identified by monitoring a drop in the RSI towards the 30 level, which indicates oversold conditions.
Using Fibonacci from the daily lower high to the daily lower low, the level of 3367.445 is considered important and could act as a resistance level for a potential downward reversal, as it represents a premium price within the current daily trading range.
On the 4-hour timeframe, when examining the relationship between price action and the Relative Strength Index (RSI), we observe that the price formed two consecutive higher highs, while the RSI formed two lower highs. This creates a bearish divergence, which is a negative signal indicating a potential decline.
Additionally, on the 4-hour chart, the trend has shifted from bullish to bearish after the price fell below the 3290.84 level and formed a new lower low.
Based on the above technical data, a decline in gold prices is expected in the short to medium term. The first target could be set at 3281.148, while the second target may be identified by monitoring a drop in the RSI towards the 30 level, which indicates oversold conditions.
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