Gold - 4 Hourly

Gold seems like it may have consolidated after the heavy fall on Friday. Target towards the upside $2,045-$2,050. Support below at $1,992.

From a technical perspective, gold is currently trading at around $2,011 an ounce.   After a heavy fall on Friday, it looks like consolidation may be taking place with the upside target being $1,945-$1,950 again this week (at this moment in time). Although resistance resting at $2,032 will be tough point to overcome. Towards the downside, support sits at $1,992 followed by $1,982. A break below $1,982 could see a test of the support along the ascending trendline which was formed during the last week in March ($1,970). Looking at the technical indicators, MACD remains strongly negative but RSI is now neutral as it reads 45.