Trade Suggestion:
- Price could possibly continue its downtrend after breaking out of its bearish pennant.
- There could be short-term targets of 1675-1670 where local demand is set on the H4 Timeframe.
- DXY Us Dollar index is showing USD strength which also indicates another confluence to Gold's weakness.
Technical Analysis:
- Price has broken out of of pennant and support structure. Support structure has also been retested.
- Price is also below 10 + 50EMA and there has been a bearish cross which I've annotated.