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Gold Remains Bearish Within Triangle

Gold price has recently fell sharply to a new low on the year around 1072, which was the lowest since February 2010, when price made a low on that year around 1045. Even though price action started to neutralize, it has kept the prevailing downtrend intact.

Gold (XAU/USD) 4H Chart 8/3

(click to enlarge)

In the 4H chart gold is trading under the 200-, 100-, and 50-period simple moving averages (SMAs), while the 4H RSI is holding under 60. These are signs that bears are very much in control. 

Within the consolidation, we can see that the structure is a triangle and price appears to be holding under the  psychological level of 1100 for the most part. Will price break below 1180? If so, it will put pressure on the 1070-1072 area. With the prevailing trend being bearish, the 1045, 2010 low would be in sight, with risk towards 1000 by the end of the year.