Analysis of Gold for October 29 - Potential for the drop towards $1.782

Technical analysis:

Gold has been trading sideways at the price of $1,794 but I see potential for the downside movement towards lower area of channel.

Trading recommendation:

Due to te breakout of the rising channel in the background, I see potential for the downside movement.

Watch for selling opportunities on the intraday rallies with the downside objective at $1,782.

Key resistance is set at $1,810