Gold price seems to be negatively affected by the Macroeconomic news announced for the US economy and more specifically by the Jobless claims that came in worse than expected. The previous metal is challenging short-term cloud support with increased chances of breaking below it.
Black line – triangle pattern
Red lines – trading range
Gold price is breaking below the lower triangle boundary and below the 4 hour Kumo (cloud) support. This is a crucial point for the short-term trend. Recent high at $1,721.50 is also key resistance. if broken then we should expect price to move close or above the upper trading range boundary. This means a move to $1,740 or higher. If price breaks below $1,700-$1,690 we should expect recent lows near $1,670 will be tested.