Gold is trading inside of the trading range at the price of $1.492. Anyway, I found few failed tests of the median line, which is sign that buyers don't have enough power for stronger upside break. Watch for potential breakout of support at $1.483 to confirm further downside movement.
Yellow lines – Pitchfork upward channel
White falling lines – New Expected path
Horizontal white lines – Important resistance levels
Based on the 4H time-frame, I found that there is failed test of the yellow channel Median Line, which is sign that buyers didn't have enough power for the full-test. RSI oscillator showed us peak on the previous upside push and failed test of ML, which is another sign of the weakness. Downward objectives are set at $1.460 and $1.436. Key resistance is set at $1.517.
