Gold Price Falters Below Key Trend Line Amid Broad Bullish Outlook

Gold prices are facing a weak short-term outlook as the precious metal has slipped below the lower trend line of its recently formed Bullish Channel. At $4,633, gold is currently consolidating just above the 50 EMA at $4,634 and below the 100 EMA at $4,593.

The formation of a Bullish Channel suggests a broad bullish view for gold, but the repeated failure to break above the $4,673-$4,698 resistance level has weakened its short-term prospects. The Relative Strength Index (RSI) is currently at $45, which while still indicating a bullish sentiment, is pushing into weak territory.

Immediate support levels for gold are expected at $4,606, followed by $4,573 and $4,545. On the other hand, likely resistance will begin to be seen at $4,640, $4,673, and $4,698.