XAUUSD SHORT

Gold failing for over 4 hours to break above the minor resistance area. With the area consisting of major consolidation of the last 2 weeks, with really no bullish momentum to carry us past 1742.50 since mid-May, we should see this break down to the lows of the rising channel around 1700-1690. If we find support in that area, we will be looking for an break or bounce situation to carry us into our new gold phase.