Gold prices fell in the intraday levels and the short term, with the dominance of the downward correctional trend in the short term, coupled with ongoing negative pressure from the SMA50, as prices settled below the resistance of 1,089.88, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 1,015.64 to 1,164.12), doubling the negative pressures on the coming trading.

Therefore we expect more losses to come for the precious metal, targeting the support of 1,072.36, which represents the ratio 61.8% of the same retracement levels mentioned earlier.

Trend Bearish