Downside Prevails
Our Pivot: 1857
Our Preference: Short sell below 1851 with strict stop loss of 1857 and profit target at 1841 with extension towards 1836.
Alternate Scenario: Upward penetration of 1857 will call for 1863 and 1870.
NOTE: Gold is moving downward in a bearish trend channel after breakout of its strong supportive trend line and now a descending wedge is being formatted on hourly chart.
Chart with supports & resistances:
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