This drop below 5000 is concerning. Given the persistent bearish headlines regarding oil and the Fed's hawkish stance, it seems gold is struggling to find a bottom. The 200 SMA is still quite a ways off, so there's room to fall. Watching 4975 for now.
Actually, re-checking the RSI, it's sitting around 41, not truly oversold yet. This suggests there's still room for further downside pressure before any significant bounce might occur. The news flow is definitely dictating the price action today.
