From a technical perspective, the gold's inability to gain any meaningful traction and find acceptance above the 100-period SMA on the 4-hour chart favour bearish traders. That said, repeated failures to find acceptance below the $1,900 mark make it prudent to wait for some follow-through selling before confirming the negative outlook. In the meantime, the $1,914 area could act as immediate support ahead of the $1,895-$1,890 region.
A convincing break through the latter would set the stage for a slide towards the next relevant support near the $1,872-$1.870 region.
On the flip side, the overnight high, around the $1.950 area should cap the immediate upside. Sustained strength beyond might trigger a short-covering move and push gold prices to an intermediate hurdle near the $1,964-$1.966 zone. The momentum could further get extended towards the next relevant barrier, around the $1,985-$1,988 region, above which bulls might aim to reclaim the key $2,000 psychological mark.
