- Gold bears taking control within the sideways channel.
- A break of $1,717 opens risk to a downside extension.
Gold prices are stuck in a sideways channel with failures both to the upside and downside. Meanwhile, there has been some progress by the bears within the channel and the bias is to the downside for a breakout.
Prior analysis
Daily chart
4-hour chart
Live market, daily chart
As can be seen, the price remains trapped, but there is a bearish bias within the channel as follows:
The latest bearish impulse has seen a correction to the 61.8% Fibonacci and beyond, although there are prospects of a downside extension at this juncture on a break of $1,717.
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