The Precious metal is trading below its downward trend line on a 4 hour time frame. This confirms that the trend is skewed towards the downside and as long as we are trading below the this trend line, the bias may remain skewed towards the downside. The price has all pierced the lower line of the Bollinger band (the readings for the lower and upper Bollinger band lines are 1211.15 and 1271.63 respectively) and this confirms that the volatility is higher. The price is also trading far enough from its 20 day moving average (current reading for 20 day MA is 1241.04) and this also confirms the same argument with respect to volatility.
The RSI is trading at 33.21 which is close enough to its over sold zone of 30 and this calls for caution. However, the current price of gold and the RSI are trading in the same direction and this confirms that the price has a momentum behind it.