Spot gold remains under pressure because of growing demand for dollar and expectations of more aggressive rate hikes by the Fed.
Technical picture:
The quote is currently below the middle line of the Bollinger indicator, below the SMA 5 and SMA 14. The moving averages are giving a signal to sell, while, the relative strength index (RSI), which is below 50%, is pointing to a likely slowdown in growth. The stochastic indicator is in the oversold zone.
Possible dynamics:
A price drop below 1800.00 will lead to a further fall to 1783.00.