Gold prices continued to fall, coming under selling pressure for the second day in a row and falling almost to this month's low in European trading.
Gold tested the ascending channel support line at $1,978 on Monday. Sellers are now in the ascendancy again and are trying to confirm the bearish triangle pattern. A close below this trend line confirms the pattern and sets the next target at $1,970.
To further break this support, sellers are targeting the 21-day moving average of $1,966, then $1,963, and then $1,950.
Gold tested the ascending channel support line at $1,978 on Monday. Sellers are now in the ascendancy again and are trying to confirm the bearish triangle pattern. A close below this trend line confirms the pattern and sets the next target at $1,970.
To further break this support, sellers are targeting the 21-day moving average of $1,966, then $1,963, and then $1,950.
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