Gold Technical Analysis: Minor bounce likely

Gold is currently trading at $1,288, having hit a low of $1,282 yesterday. At that level, the yellow metal was down 4.75 percent from the February high of $1,346. 

The yellow metal is looking south, having established a bearish lower high and lower low pattern in the last few days. 

That said, the 14-hour relative strength index (RSI) has diverged in favor of the bulls. As a result, gold could see a minor bounce to the downward sloping 50-hour MA, currently at $1,295, before falling further. 

Hourly chart

Trend: Intraday bounce likely