Analysis
- Gold prices are trading in an elongated triangle, prices have look well placed to re-challenge the top of the triangle and various resistance levels above there that run between $1,630 and $1,641, but once again prices have failed to overcome resistance in the $1,618-$1,620 area.
- The stochastics have re-crossed lower (intraday), which does not bode well and suggests prices may move back into consolidation mode.
- The chart picture will start to improve as and when each of the following levels is overcome: $1,618, $1,627, $1,630 and $1,641 - it would weaken on a drop back below $1,584.
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