Gold has been trading in a lower top lower bottom formation on the daily chart since the last couple of months. It currently stands at the 23.6% Fibonacci resistance of the decline experienced from 6th Jan to 8th March; further RSI in sell mode supports the bearish view. It is likely that gold could decline towards $1,710 and $1,700 while it sustains bellow $1,750.
Prepared by
Technical Analysis Team
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