Gold Price To Decline Further

XAUUSDH1 19.06.17

Gold price is under a lot of selling pressure, as it moved below the $1255 support area against the US Dollar.

There is a bearish trend line with resistance at $1252 on the hourly chart, which is acting as a downtrend catalyst. The price has already cleared the 1.236 extension of the last wave from the $1259 low to $1281 high at $1253.88.

So, there are high chances of Gold extending declines in the near term towards $1245, which also coincides with the 1.618 extension of the last wave from the $1259 low to $1281 high. Selling remains a good option with resistance at $1252-54.

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