Gold Price Analysis: XAU/USD drops nearly by $20 from session highs

• Gold trades near $1,836, down nearly $20 from session highs. 
• Technical charts suggest the bounce from recent lows has run ot steam. 

Gold (XAU/USD) is currently trading largely unchanged on the day near $1,836 per ounce, having put in a high of $1,855 early Monday. 

The long upper wick attached to today's candle and the previous week's candle indicates the bounce from the Nov. 30 low of $1,764 has run out of steam. 

The metal could drop to Friday's low of $1,824, under which the focus would shift to $1,764. Supporting the bearish case is the below-50 reading on the 14-day Relative Strength Index. 

Alternatively, the Dec. 8 high of $1,875 is the level to beat for the bulls. A break higher would expose resistance near $1,9254 – that level is currently housing the trendline falling from Aug. 7 and Nov. 9 high. 

Daily chart

Trend: Bearish

Technical levels