FX.co ★ Gold Threatened A Breakout, Only To Fallback Later... A Break of 1724.00 Will Accelerate Downside...

Technical Outlook and Chart Setups:

Yesterday's spike to 1746.00 levels seems to be a final attempt of the bulls before giving up. Believe it or not, a bearish setup is still on till 1750.00 levels are intact. Smaller time frames have begun showing signs of a reversal, which shall be considered as a retracement of the huge upswing from 1580/90 levels to 1746. Furthermore, the backside of falling line of resistance is passing through 1640.00 levels for now. We are considering 1630/50 levels to be strong support levels from where the bulls should resume the next bull leg. For now, charts are stretched enough, indicating a pullback.

Trade Recommendations:

Remain short, stop at 1750.00, targetting at 1650/30 Levels

Good Luck!