FX.co ★ Gold reclaims key $1,500 level but daily candle gets rejected once again at major resistance

Gold price managed to move and stay above the key $1,500 level and exit the short-term bearish channel. However price has formed a Daily bearish reversal candlestick pattern after closing near the day open which was also near the lows.

Green lines - bullish channel

Black line -RSI resistance trend line

Price has moved above the bullish channel. This is a bullish sign. However price has formed a bearish hammer daily candlestick. This is a bearish reversal signal. Combined with the fact that price got rejected once again at the resistance of $1,515-20 area and the RSI is still below the black downward sloping trend line resistance, makes me feel that another leg down could start from Monday. I remain bearish as long as price is below $1,525-30 area. Support is at $1,500-$1,490. Breaking below this level will confirm bears remain in control of the short-term trend.