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Gold failed to hold above 1640 support level after Gold lose momentum and price reversed towards key 1640 support level, and thus Gold is limited there, but price is still limited in its range, and is heading towards retest of the temporary low, if there is a break price would plunge, however strength for upwards move was not enough to overcome resistance trend line and price is limited below it – making it strong one, this move was triggered after price is making a sustain gain below 1703 resistance level, where sellers accumulated strength and price dropped lower and now is heading towards a retest of the key 1640 support level, and this confirmed that bulls don’t have any strength and this make Gold’s higher trading is limited below upper trend line after price failed to extend above 1723 support level, and thus cuts path to the price to bring above its upper trend line, this lead us to think that there will be deeper correction towards 1640 support level. However, Gold has managed to accumulate strength for upward push, after Gold broke sideways trading, only sustain trade above 1558 is in favor for the retest of 1640 resistance level. Our intraday bias is on upside for the movement, after price is still trading above key 1640 level. Sustain trade below 1640 would signals for drop in prices. Further decline towards 1523 support level, would be seen if price broke below 1558 level.
On the opposite side, Up move to continue price should make sustain gain above 1703 level, a sustain trade above 1765 level is needed because it signals that bulls are accumulating strength for upward push toward test of the key resistance level at 1791.
Daily Pivots: Pivot Point – 1639, 1st Support – 1625, 1st Resistance – 1648
