01.06.202212:22 Forex Analysis & Reviews: Technical review for XAU/USD: gold will see a local decline

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Gold broke out of the ambiguous triangle pattern because demand for dollar rose again yesterday. Most likely, further negative sentiment will lower prices even more.

Technical picture:

The quote is under the bottom line of the Bollinger indicator, below SMA 5 and SMA 14. The relative strength index (RSI) lies at the border of the oversold zone, while the stochastic indicator is already inside it.

Possible dynamics:

A decline and consolidation below 1831.00 will provoke further fall first to 1817.65 and then to 1808.00.

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