Gold: Holding downward pressure

The gold price has moved into a wedge-like formation and it will be interesting to see if the bulls can take out the pattern to the upside, FXStreet’s analyst Rajan Dhall reports.

Key quotes

“The price waves are making lower highs and higher lows which shows a lack of commitment in either direction in the short-term.”

“The magnetic level seems to the $1700 level at the moment. There does not to be too much upside conviction but it seems that this could be a pause for another move later down the line.”

“Something will have to give and at the moment the top of the pattern looks like it could be the most likely target. For support keep an eye on $1660.86 and resistance is at the wave high of $1747.82.”