Gold Decline Underway!

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Gold (XAU/USD) is trading at the 1,769.09 level and it could drop deeper after failing to stabilize above 1,788 and to stay beyond the uptrend line.

The breakdown below the black uptrend line was confirmed as the price has retested it. The $1,751 level is seen as a potential downside target if XAU/USD will continue to drop.

Gold Trading Conclusion!

Failing to stay above the uptrend line has signaled a correction, retreat in the short term. Gold could resume its decline if it drops below 1,767immediate low. 1,755 and 1,751 could be used as downside targets if the rate declines further.

The material has been provided by InstaForex Company - www.instaforex.com

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