Gold - Technical Analysis: Wednesday, 05/12/2018 07:43 GMT

Gold price tested 38.2% Fibonacci correction level and we are waiting to decline again to visit the rising wedge’s support at 1208.50, as breaking it will push to 1160.00 on the near term basis.

RSI is negative and supports the expected decline, and consolidating below 1238.50 is important to continue the bearish trend.