Gold prices declined in recent intraday trading, in attempt to reorganize the ranks and gain new momentum that might help it to breach the key psychological resistance at $5,000, leaning on key dynamic support due to its stability above EMA50, keeping the dominance of the minor bullish wave on short-term basis, especially with the continuation of the trading alongside supportive trend line.
On the other hand, the relative strength indicators are approaching sharp overbought levels exaggeratedly compared to the price move, indicating a likelihood of forming negative divergence that might put pressure on the upcoming trading and obstructs completing the recovery.