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Gold’s closed below 1640 level confirmed that price is in a sideway consolidation move and thus reduce reverse’s momentum in price. Such closed below 1640 clearly shows that bulls haven’t got power to make strong reverse and price is heading towards a retest of the upper trend line. If price break it this would send price towards test of the temporary low, further decline would be seen after price managed sustain gain below temporary low. Our vision for next week bias is clearly on down move, after price confirmed range which is in favor of down move. On the down side, test and break below upper trend line would trigger a down move, towards 1575. Further decline down below 1473 will indicates that rally is over and Gold will consolidate. On the opposite side, If Gold managed to reverse and trade above 1702 this will favor upward move towards retest of the all time high.
