XAUUSD Looking bearish
Gold is under slight downside pressure after the yellow-metal failed to rally while the price of silver moved sharply higher on Thursday. Technical analysis shows that XAUUSD is trapped within a large falling price channel between the $1,700 and $1,880 levels. Further heavy selling towards the metal appears highly likely if bears close the daily candle below the $1,800 support level.
The XAUUSD pair is only bullish while trading above the $1,840 level, key resistance is found at the $1,880 and the $1,910 levels.
If the XAUUSD pair trades below the $1,840, sellers may test the $1,800 and $1,770 support levels.