On a today's live stream, we discussed Gold. Here is my fresh technical outlook on that:
The price is currently stuck on a broken falling trend line. It is a minor support from where the market may slightly recover.
The closest resistance that I see is 1680 - 1697 horizontal supply area. A bit higher, we have an upper boundary of a falling parallel channel. These 2 structure compose a contracting sell zone from where I will expect the next trend-following move.
The closest minor support is a lower boundary of a channel. Being reached, I will expect a pullback from that.
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Interesting point of view. For the moment I'm on stand-by as far as gold is concerned. Yesterday's candle is an inverted hammer and this can be the first sign that a correction to the upside will follow. Let's see where the market moves