Gold has fallen to its weakest trading level since June last year as the short-term bearish trend in the metal is starting to accelerate. Lower time frame analysis shows that gold is testing towards key trendline support from a large falling price channel. Failure to hold the price of gold inside the price channel could provoke a further technical sell-off towards the $1,640 area.
XAUUSD is only bullish while trading above the $1,760 level, key resistance is found at the $1,770 and the $1,780 levels.
If XAUUSD trades below the $1,760 level, sellers may test the $1,670 and $1,640 support levels.