Gold continued its sharp decline during its latest intraday trading, reaching a key support level at $4,400, amid the dominance of a short-term bearish corrective trend. This comes alongside negative pressure due to trading below EMA50, reinforcing the dominance of the bearish trend.

 

On the other hand, we notice the beginning of a positive crossover of the relative strength indicators after reaching deeply oversold levels, which may support some corrective rebounds in the coming period, especially if the current support level holds, aiming to recover part of the previous losses.