Gold
The price action over the past few weeks has been unfavorable, and the curve could continue to drift down to a new swing low. 4,375 is an important support level; a break below it would open up further room for the decline. As long as the series of lower swing highs remains intact, an upward reversal is unlikely. While the thick red trendline remains intact, going long does not seem like a good idea. Below 4,375, a test of the level around 4,062 can be expected.
Resistance levels: 4,843; 4,923; 5,000; 5,312; 5,625; 5,938; 6,250.
Support levels: 4,375; 4,218; 4,062; 3,750.
