Gold prices (GOLD) continued their sharp decline during recent intraday trading, to break short-term bullish trend line, as negative technical signals that increased the selling pressures, accompanied by its trading below EMA0, which turned into dynamic resistance that reduced the chances of quick recovery on near period.

Despite these negative pressures, we notice positive overlapping signals on relative strength indicators after reaching oversold levels, this was reflected through intraday fluctuations, paving the way for temporary rebound or at least eases the extent of the losses in its upcoming trading.

Accordingly, we suggest a decline in gold prices during upcoming intraday trading, if it settles below $5,000, to target initial support level at $4,550.

The expected trading range is between $4,550 support and $5,000 resistance.

Todays forecast: Bearish