#GOLD (Intraday perspective: Downside potential below 1,790.00)
Gold prices are consolidating sideways at about 1,775.00. We could potentially see the price swing toward our first resistance at 1,790.67, in-line with 78.6% Fibonacci extension and descending trendline and horizontal overlap resistance. RSI is also on an uptick, supporting our short-term bullish outlook. The next level of resistance will be at 1,804.04, in-line with our 38.2% Fibonacci retracement and 161.8% Fibonacci extension. If price is unable to hold the current level, the first support will be at 1,754.00, in-line with our 78.6% and 100% Fibonacci extension.
