Gold bears await a break below

30 July, 2018

The commodity extended last week's rejection slide from $1235 horizontal resistance and remains within striking distance of an important horizontal support.

A convincing break below the mentioned horizontal support would confirm a bearish double-top chart pattern on the 1-hourly chart and pave the way for the additional near-term downfall. 

Technical indicators on the said chart hold in bearish territory and hence, a follow-through weakness, possibly back towards YTD lows, remains a distinct possibility.


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