Red lines- bearish channel
Weekly trend in Gold remains bearish. Price remains trapped inside the downward sloping channel since March top. This week price moved as high as $1,667 but at the end of the week we find Gold near its weekly lows. Gold's weekly candlestick is about to close at new weekly lows. In intraday terms price has traded even lower, but we are not far from breaking the intraday low as well. As long as price is below $1,700 we remain short-term bearish. Gold can continue lower towards $1,500 as long as it stays inside the bearish channel.