Gold Seeks Higher Low as Momentum Recovery Looms

Gold prices continued to decline during their recent intraday trading, attempting to form a higher low that could serve as a base for building positive momentum needed to resume its recovery. This was made possible by the continuation of positive support from trading above EMA50, which strengthens the chances of regaining its gains and maintains the short-term bullish trend.

The relative strength indicators have entered deeply oversold territory, reflecting relatively excessive selling pressure compared with the price movement. This supports the potential for momentum improvement and resuming the bullish trend in the near term.