Gold prices have been underperforming in the past two days, breaking back below the 2,320 and the 20-day simple moving average (SMA). Momentum indicators are pointing to a negative bias in the short term with the RSI ticking strongly to the downside. The MACD is easing beneath its trigger line losing its positive momentum. Both are confirming that a downside correction may be on the cards. Further losses could see the 161.8% Fibonacci extension level of the down leg from 2,079 to 1,1810 at 2,245 come into play. A drop below the 50-day SMA, which stands near 2,222 would reinforce the bearish structure in the short ... (full story)