As we have seen Gold started falling from April 2018 from the level of 1353 to 1193 till date and going further.
Technically, Gold prices are taking resistance of 50 EMA. Some of the Indicators also supporting this down fall.
In MACD, Hidden Divergence can be seen where prices is making lower highs and swings of MACD is forming higher high. This is a good sign that the prices will go down. The participation of buyers is very less too.
Similarly, Hidden Divergence is also there in RSI. RSI is at 43.58 which is in downtrend territory.
These Indicators are proving that the Psychology of the traders is bearish. And this downtrend is also supported by ADX. From last couple of days we have seen that ADX has not supported those upside correction.
Last day (26.9.18), we see the Federal Reserve made rate hike by 0.25 Basis Points and indicated that they can again go for the rate hike by the end of this year. These rate hikes may be a possible reason for gold to fall down at 1160.