Gold has been trading in consolidation phase for days. The price is still trading in the falling wedge cycle and most recently there is potential bull corrective structure that it may end. Yesterday, there was strong reaction from sellers, which is sign that sellers are still present.
Eventual breakout of the channel to dhe downside at $1.460 may confirm test of $1.446.
MACD oscillator is showing neutral condition with the slow line turned to the downside
Resistance levels are seen at $1.487 and $1.515
Main support level is set at the price of $1.446.
