• Gold loses ground but bullish phase intact
• MACD and RSI head south

Gold prices tumbled to a fresh almost three-week low of 2,701 but are currently recouping some losses, flirting with the 2,725 support level. A closing session beneath the 2,710-2,716 region could find strong support at the 200-period simple moving average (SMA) at 2,685. Steeper decreases may open the way for a bearish tendency in the short term, hitting the 2,673 bar.

In the positive scenario, a return to the upside may take the bulls toward the short-term SMAs in the 4-hour chart at 2,741 and 2,750 respectively. Slightly higher, the 2,762-2,770 restrictive region may be another tough obstacle for traders.

According to technical oscillators, the MACD is diving beneath its trigger line, holding below the zero level, while the RSI is ticking lower under the 50 territory, confirming the recent bearish bias.

In brief, gold prices have been posting a bearish spike, but as long as the price still holds above 2,725 the positive tendency remains intact in the near term.