Gold gives up gains, looks for support.

It took just two days and Gold lost all that it gained in 10 weeks struggled Breakout above the wall of contention 1830-1835 giving credence to bulls as it tested 1853 only for the bulls to realize that the Breakout was actually a Fake out prank scripted by bears in the backdrop of Fed's hawkish tone of March rate hike turned tables on bulls pushing Gold down to 1791


Weekly Stochastic (reading 60/69) made negative crossover below 70 line supported by downward pointing RSI shows the domination by bears and looks like the rout is far from over as weekly close below 1797 (50% Fibonacci level of retracement measured from 1678 low of March 2021 to 1916 high) may extend bearish bias which targets 1785-1770 & 1753 initially.


Meanwhile the Daily Stochastic (11/32)  is approaching oversold territory and may start a short term reversal by mid of next week causing a bounce back in Gold price to retest 1818-1825-1835


Considering the one sided straight decline, further bearish correction can not be ruled out. Selling on the test of resistance area of 1805-1810 may be considered for potential downside of 1784 & 1780