Gold maintained its heavily offered tone through the early North American session. The set-up supports prospects for an eventual break below the $1900 support area. Oversold conditions on hourly charts warrant some caution for bearish traders. Gold extended last week’s rejection slide from a short-term descending trend-line resistance and tumbled to six-week lows during the early North American session. Bears now await some follow-through selling below a strong horizontal support near the $1905-$1900 region. Meanwhile, the combination of a descending trend-line resistance and horizontal support constituted the formation of a descending triangle. Hence, a convincing break below the $1900 level will mark a fresh bearish breakdown and pave the way for further weakness. Meanwhile, technical indicators on the daily chart have just started drifting into the negative territory and add credence to the bearish outlook. However, oscillators on hourly charts are already flashing oversold conditions and warrant some caution. Hence, it will be prudent to wait for a sustained breakthrough the mentioned horizontal support before positioning for any further near-term depreciating move. The commodity might then accelerate the fall towards August monthly swing lows support near the $1963-62 region. On the flip side, any attempted recovery might now be seen as an opportunity to initiate some fresh bearish positions. This, in turn, should keep a lid on any further gains for the commodity near a one-week-old trading range support breakpoint, around the $1937-38 region. Gold 4-hourly chart Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next WTI plummets to $39, down more than 4% FX Street 2 years Gold maintained its heavily offered tone through the early North American session. The set-up supports prospects for an eventual break below the $1900 support area. Oversold conditions on hourly charts warrant some caution for bearish traders. Gold extended last week's rejection slide from a short-term descending trend-line resistance and tumbled to six-week lows during the early North American session. Bears now await some follow-through selling below a strong horizontal support near the $1905-$1900 region. Meanwhile, the combination of a descending trend-line resistance and horizontal support constituted the formation of a descending triangle. Hence, a convincing break below the $1900 level… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.