Graphs showing the daily price of gold show that it has been in a downtrend since May. According to the chart, XAU/USD has confirmed a breakout below the support line from November in June. There was a consequent shift in technical bias towards the bears as a result. Prices have since stabilized around the 38.2% Fibonacci retracement level at 1903. The midpoint of 1848 is exposed by a confirmatory downside breakout. At 1936.9, the inflection point seems to be near-term resistance.
