*Gold Technical Analysis*
From a technical outlook, the correction is moving in on the hourly 38.2% Fibonacci area near $1,902 and could now be expected to continue lower for the forthcoming session. With that being said, however, there are prospects of a deeper correction, potentially to as far as the 78.6% Fibo. This has a confluence near the prior lows:
On a four-hour scale, XAU/USD is trading near its potential demand zone, which is placed in a narrow range of $1,891.38-1,896.31. A bear cross, represented by the 20- and 200-period Exponential Moving Averages (EMAs) at $1,940.00 adds to the downside filters. Meanwhile, the Relative Strength Index (RSI) (14) has established in a 20.00-40.00 range, which signals the strength of the sellers.
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