FX.co ★ Gold remains below key resistance, fears of another rejection arise

Gold price is at $1,474 pulling back from $1,484. Price gets rejected once again. Bulls are unable to recapture $1,490-$1,500. This is a sign of weakness. What does this mean? More downside is expected as long as price is below recent highs.

Gold price continues to trade inside the wedge pattern as shown in the Daily chart above. Price has reached the upper wedge boundary and got rejected once again. Support is at $1,455-50. Breaking below this level will open the way for a move towards $1.430 at least. If bulls manage to break above $1,490 and hold above it, then we could see the next leg higher starting with $1,550 as first target.