Gold remains BEARISH
Gold continues to extend its downside movement throughout the week. However on Friday, retraced a portion of the move, stalling at the resistance zone at 1853.
The retracement move on Friday can be seen primarily due to the downside move being extended using the 50 exponential moving average (EMA) of the 4 hour time frame as a reference as shown on the main chart.
A shift towards upside bias will only be firm when price breakout of the 1873 resistance region which will coincide with price trading above the 50 exponential moving average of the 4 hour time frame.
Bearish sentiments remains with possibility of price reversing towards the 1840 minor support region.
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