Gold is having stiff resistance around $1870 and a bearish pattern is starting to build up near the top. The intraday support levels are at $1851 and $1843. The near-term resistance areas are at $1867 and $1877.
On the intraday charts, a couple of Dojis are indicating that bulls are perhaps exhausted. The RSI is still near the overbought zone while the MACD remains above the middle line and continues favoring the bulls. The mid-Band is at $1816 with upper and lower bands at $1876 and $1755 respectively. The intraday price pattern is bearish and with RSI near the overbought zone, the yellow metal is likely to take a further dip which makes it ideal for selling entries around $1864 with a target of $1862 and a stop-loss at $1877.
