Downside Prevails
Our Pivot: 1849
Our Preference: Short sell below 1842 with strict stop loss of 1849 and profit target at 1830 with extension towards 1823.
Alternate Scenario: Upward penetration of 1849 will call for 1854 and 1861.
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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