This trading instrument shows a bearish sentiment in the market. Gold/GOLD is in a short-term downtrend. The price is trading below the Ichimoku cloud, indicating a bearish impulse. The downward Stochastic is also for sales. During the last trading session, futures tested the weekly pivot level and continued moving south, managing to stay below the reversal level. Bears continued the decline and are currently trading at a price of 4708.69. The intraday targets for the decline are the classic Pivot support levels. I expect the decline to continue from current levels, and a breakthrough of the first support level at 4686.28 will lead to a new wave of gold decline and further movement south below the support line around 4542.73. However, if buyers return to the market, their targets at the current chart section will be the resistance level at 4931.28.
