Gold has come under further heavy selling pressure as the yellow-metal continue to depreciate against the rising greenback. An important technical breakout from a broadening ascending wedge pattern is underway while the price trades below the $1,690 level. If bears can maintain the breakout under the wedge then it is possible that the price of gold could eventually fall back towards the $1,450 level.
XAUUSD is only bullish while trading above the $1,690 level, key resistance is found at the $1,710 and the $1,730 levels.
If XAUUSD trades below the $1,690 level, sellers may test the $1,660 and $1,610 support levels.
