Gold analysis: Retraces down
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The resistance of the 1,790.00 level was enough for the metal's price to decline and break the ascending channel up pattern, which has guided the rate since April 14. In addition, the price had passed the support of the 55-hour SMA before finding support in the 1,765.00 level.
During the second half of Tuesday's GMT trading hours, the price was expected to pass the resistance of the 55-hour SMA and possibly once again test the resistance of the 1,790.00 level.
If the 1,790.00 level does not hold, the pair could reach the 1,800.00 mark. On the other hand, the metal could continue to trade sideways between the mentioned 55-hour SMA and the 1,790.00 level.
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