Gold experienced a remarkable surge since early March, surpassing some crucial technical levels to peak near the all-time high of 2,079 in early May. However, bullion has been in a steady downtrend since then, falling beneath its 2,000 psychological mark and creating a bearish structure of consecutive lower lows.

The momentum indicators currently suggest that bearish forces reign supreme. Specifically, the MACD is softening beneath zero and its red signal line, while the RSI has flatlined below its 50-neutral mark.

If the downside correction extends, the price could challenge the March support of 1,934. Should that barricade fail, the spotlight could turn towards 1,885 before the 2023 bottom of 1,804 gets tested. Further declines might then cease at 1,774.

Alternatively, should buyers regain the upper hand, the February high of 1,959 could prove to be the first barrier for the price to clear. A violation of that zone could set the stage for the 2,000 psychological mark before 2,048 comes under examination. Failing to halt there, the price could ascend to test the all-time high of 2,079.

Overall, gold has been losing ground in the short-term, appearing to be unable to halt its retreat. For that bearish sentiment to alter, the price needs to reclaim the 50-day simple moving average (SMA).