Technically, on the H4 chart, gold finished its corrective wave 4 and is in the formation of an impulsive Wave 5, indicating further weakness. Wave 4 hit 50% of wave 3 nicely and reversed towards the confluence of support between 1783.76-1795.00, where 61.8% Fibonacci retracement and 100% Fibonacci extension as well as demand zone line up. Price could have a temporary bounce upon the support zone although short-selling remains the main trend.