The Yellow Metal Continues to Move Lower

Gold ($1,181.48)

Gold moved lower. This was not unexpected as it completed a rising wedge on the daily chart. Note above MT 4 chart. If we have a daily close below 1,156.95 then the yellow metal will challenge the congestion area that runs from 1,125.60 to 1,130.05.

Should the yellow metal push higher, then we need to close above 1,176.30 in order to test 1,207.70. This level is just above the November 21, 2014 high.

It would appear gold is range bound between two key technical levels.