Gold continues to slide lower on the metals markets after a confirmed bearish breakout from a triangle pattern took place on Tuesday. According to the overall size of the mentioned triangle pattern the price of gold could fall towards the $1,730 support area. Traders should be aware that the price of gold could even fall as low as $1,710 if the $1,730 support level is broken.
XAUUSD is only bullish while trading above the $1,775 level, key resistance is found at the $1,800 and the $1,820 levels.
If XAUUSD trades below the $1,775 level, sellers may test the $1,730 and $1,710 support levels.
