Gold (XAU/USD) could switch the focus to the downside

Gold (XAU/USD) could switch the focus to the downside

Gold has been struggling to consolidate above the 200 SMA, following a strong offer zone found in the Fibonacci level of 50% at 1303.80. Such zone should give up in order to allow a momentum that pushes the yellow metal towards the highs from May 11st. However, as the 1303.80 lies as a strong resistance area, a decline could take place towards the Fibonacci level of -23.6% at 1271.71, where a take profit could trigger.

RSI indicator stays in the negative territory, favoring to the bears.

XAUUSDH1.png

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