Precious metal Gold on the 4 Hours Chart has been in a downtrend since 01 November 2019 when it registered the high price at 1516.171. On 07 November 2019, Gold recorded the low price of 1460.639. When applying Oscillator Analysis to the price chart, one can see that price is trading below the SMA 60 period Moving Average line, a fact which confirms Gold's downward direction. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values below the zero line which hints to the bearish bias of financial instrument. Additionally, the RSI (Relative Strength Index) Oscillator registers values below the fifty line which indicates negative sentiment. All three technical indicators are in agreement with regards to the downward bias of the financial instrument. Three price targets may be calculated upon applying the Fibonacci tool to the price chart. The first price target is estimated at 1470.351 (161.8%). The second price target is seen at 1455.577 (261.8%). The third price target is projected at 1431.672 (423.6%). The first target was reached successfully. Gold is currently trading below the downtrend line. Its current price is 2.9% below the last week's close after a sharp decline in price during a period of heavy selling. The presence of the Long Black Body hints at a potential rally to the downside. Of course, supply and demand as well as the crowd sentiment will determine the course of Gold. Though the market is currently following the counter trend direction, this might just be a correction, as long-term trend remains bearish.