Gold prices are bound currently in sideways trading in the intraday levels, around the axis of the important support of 1,089.88, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 1,015.64 to 1,164.12), with ongoing negative pressure from the SMA50, while relative power indicators reached extremely overbought levels compared to prices' upward movements, doubling the negative pressures on the coming trading.

Therefore we expect the precious metal to slide in the coming trading, targeting the support of 1,072.36, which represents the ratio 61.8% of the same retracement levels mentioned earlier.

Trend Bearish