Gold remains under pressure and risk is still to the downside as prices continue to drift lower from the 2,079.19 record high. The short-term technical indicators are bearish and point to more weakness in the market. Looking at the 4-hour chart, gold prices are being capped by the 1,984 resistance and the 23.6% Fibonacci retracement level of the down leg from 2,079.19 to 1,952 at 1,982. The RSI is pointing down below the neutral threshold of 50, while the MACD is standing in the negative territory above its trigger line. The next target to the downside is the 1,952 support level. At this stage the market would likely ... (full story)