#GOLD (Intraday perspective: Neutral between 1,812 to 1,795.50)
Gold price flirted below the ascending trendline yesterday before rebounding back to 1,808. We are awaiting to see whether the price action can break down from the triangle pattern. RSI is also facing bearish pressure from the descending trendline resistance for further downside. If it breaks down, it will swing towards support at 1,782.97, in-line with 61.8% Fibonacci retracement and 100% Fibonacci extension. If price bounces, it will swing towards resistance at 1,815.50, in-line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and descending trendline resistance.
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