Looking at the chart the price has broken down through the range lows around $1677.00. A consolidation pattern formed under this level causing the price to fall again to a minor support at $1626.00. If the xauusd price is going to continue lower we would expect to see some lower lows and lower highs form. We found the following element on gold analysis by today-
- Daily signals are mildly bullish
- A sequence of intraday higher highs and lows has been posted
- This is positive for sentiment and the uptrend has potential to return
- A weaker opening is expected to challenge bullish resolve
- Preferred trade is to buy on dips
