Gold is oversold in the short term
4H Chart
Daily Chart
Gold declined below its 1769 key support area yesterday and posted the lowest level since April 15 around 1755 USD/Oz, which is another support that we should keep an eye on. In the meantime, despite yesterday’s decline below the key support, I would not be shorting пold anytime soon, especially now when the technical indicators are oversold on the daily chart, which keeps the possibility for another leg higher. Therefore, don’t rush into shorting gold yet, we need to see some sort of a retracement in the coming days.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 1707.10 | 1735.39 | 1748.31 | 1763.68 | 1776.60 | 1791.97 | 1820.26 |