Gold could not find enough buying interest to close above the 1,796 resistance on Tuesday despite the bounce off the 20-day low of 1,781 in the four-hour chart. Nevertheless, traders could still derive some optimism from the momentum indicators as the RSI has formed a double bottom below its 30 oversold level, while the Stochastics are swiftly strengthening after printing a similar pattern below 20. The MACD is encouragingly swinging upwards in the negative area, reflecting fading selling forces. Hence, the bulls may not easily give up the battle with the 1,796 barrier. Should they win this time, the next obstacle ... (full story)