Gold consolidated below tough reststance of 1073.90
Gold has been trading within the short-term downtrend for the third consecutive week (dashed line). Corrective growth to the channel’s upper border at 1080.00 is followed by the rebound down.
The price is now consolidating below the significant resistance of 1073.90. Trading volumes are low, suggesting the possibility of the rebound down.
The closest decline target is situated at the last week’s low of 1064.15. Medium-term downtrend will continue if bears manage to break this barrier. The next decline target in this case will be found at 1050.00.
The downtrend will turn up if price breaks the weekly high at 1081.00. The breakout will allow bulls to push the price higher towards 1085.10, 1100.00 marks.
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