Gold eyeing $1190

Gold’s failure to take out falling channel resistance followed by a drop to 50-DMA indicates the metal cud be heading lower, especially if the closing is below 50-DMA today.

Tht wuld also mark RSI’s failure to take out falling trend line hurdle, reinforcing bearish view.

Prices could drop to #1207-1200 levels. Violation there would expose $1191. On broader scheme of things, only a break below $1191 wud be a sign of bullish invalidation.

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