Although gold didn't quite test 1550 yesterday, it got pretty close before recovering, along with all "risk" assets such as equities and commodities in the afternoon.
There is a short term downtrend channel with the upper boundary at 1580 and the 20 DMA at 1583, which will also serve as resistance. Above that, the 10 DMA at 1588 and the 50 DMA at 1591, as well as the 1600 round number, need to be overcome for us to tilt back to the bullish side.
We still expect this flat bottomed triangle to resolve with a downwards break.
There is a short term downtrend channel with the upper boundary at 1580 and the 20 DMA at 1583, which will also serve as resistance. Above that, the 10 DMA at 1588 and the 50 DMA at 1591, as well as the 1600 round number, need to be overcome for us to tilt back to the bullish side.
We still expect this flat bottomed triangle to resolve with a downwards break.