After the recent decline of Gold it seems that it is finally finding some consolidation.
The support rests at 1690.40 with resistance at 1722.85 which the weekly pivot point at 1712.97 is located in between the lines. The EMA of 10 is moving with bearish bias in the descendant channel and it is below EMA of 100 and 200. The Stochastic is showing downward momentum, the RSI is falling below level 50 and the MACD indicator is in negative territory. The ADX is showing sell signal. The price is below the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen is showing a downward trend and the Kijun-sen is showing a horizontal trend.
The decline may push the price down towards the previous low at 1675.
