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  • Gold is testing the bear’s commitments at hourly resistance.  
  • Momentum reaches resistance and 10-SMA could come under pressure.  

As per the prior analysis from the New York session,  Gold Price Analysis: Monthly support being tested, bulls eye 38.2% Fibonacci retracement, in a closer analysis, there are prospects for a slight downside extension deeper into the monthly support area.  

Prior analysis, Weekly chart

The weekly chart offers a target of confluence between the recent lows and a 38.2%  Fibonacci  retracement.  

Daily chart

Meanwhile, however, if the price is rejected by near term resistance, there is the possibility of  a deeper test into the monthly demand area.  

Live market, 1-hour chart

Meanwhile, from a live market and hourly perspective, the price can continue lower on a break of the 10-SMA and recently cemented support.

Momentum to the upside is meeting resistance which could result in a bearish environment for the bears to take advantage of.