COMEX CALL: SELL XAUUSD BELOW 1625 TARGET 1620 STOPLOSS 1630
Gold price holds lower ground inside a fortnight-long bearish channel, retreating from the top of late. Given the bearish MACD signals and the downbeat RSI, not oversold, the XAU/USD prices may extend the latest pullback from the stated channel’s upper line towards the yearly low near $1,615. However, the bearish formation’s bottom surrounding $1,595 could challenge gold bears afterward. Meanwhile, an upward clearance of the $1,635 hurdle, comprising the channel’s upper line, will defy the bearish chart pattern and could propel the quote toward the 21-DMA hurdle surrounding $1,663. Even so, the gold buyers remain unconvinced below the 50-DMA level of $1,696.
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