Gold (1H) - short term bearish bias
The precious metal is still under water after dropping below the pennant formation. The price rose back to test the lower band support-turned-resistance and was met with stiff selling pressure. The current consolidation is expected to be short-lived and the price is likely to head south from the moving averages. The RSI has recovered into a neutral status which gives room to another round of sell-off. 1475 then 1465 are the immediate targets on the way down.
Key support: 1475
Key resistance: 1490
The precious metal is still under water after dropping below the pennant formation. The price rose back to test the lower band support-turned-resistance and was met with stiff selling pressure. The current consolidation is expected to be short-lived and the price is likely to head south from the moving averages. The RSI has recovered into a neutral status which gives room to another round of sell-off. 1475 then 1465 are the immediate targets on the way down.
Key support: 1475
Key resistance: 1490