Gold Technical Analysis: Once again fails near 1-week old trading range hurdle

•  The precious metal struggled to build on the overnight positive momentum and was again seen retreating from the top end of a near one-week-old trading range.

•  The recent price-action constituted towards the formation of a rectangle, usually seen as continuation pattern but sometimes mark significant trend tops/bottoms.

•  The fact that bulls have repeatedly failed ahead of the $1300 psychological mark points to increased selling pressure/long-unwinding pressure at higher levels.