Gold Prices Moved Lower And Closed Mid Level Inside Long Red

Gold prices moved lower and closed mid-level inside long red daily candle which indicates consolidating mode range between $1258-$1236. This is a compressed market within the Diamond triangle pattern and retested support slope line which was former support at.28430

I analysed that the Gold four-hour chart upper diamond resistance line will react around $1252 and most likely to reach towards $1240. Further I would like to emphasise that if it breaks $1240, then the Next additional supports will be $1233/ $1215.

The reason behind is the meeting of the long slope red slope line and the triangle resistance line as shown in the chart. As a result, the selling pressure is generated and market would travel downward.

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