Gold prices remain upwardly biased, but in the short term they seem to have shifted negatively. After XAU/USD hit a daily peak above $2,520, it reversed its course and formed a “bearish engulfing” candle chart pattern, which opened the door for additional losses.
Momentum turned bearish as depicted by the Relative Strength Index (RSI). The RSI is about to cross below its neutral level.
If XAU/USD drops below the August 22 low at $2,470, that opens the door for further downside. The next demand zone would be the confluence of the April 12 high, which turned into support, and the 50-day Simple Moving Average (SMA) between $2,435 and $2,431.
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