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Price action is currently moving within a daily channel and has rejected resistance for a third time. Look for sell opportunities with a potential for price to drop to test the bottom of the channel again.

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Price appears to have broken/retested and rejected 157.65 with the Japanese Yen being one of the strongest currencies at time of writing. There is potential here for price to continue lower this week to 157.80. With the daily candle still forming though, lots can change until we get the daily close.

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The 2 day chart shows a 'Shooting Star' candle at resistance followed by a candle with a lower low and lower close. Price may now continue to push lower to the immediate bullish trendline around 1.28 and then further to the bottom of the structure shown in our image around the 1.25 zone.

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Gold has now had a 3rd touch of the resistance trend line where we could see a reversal occur. So far, todays candle is looking bearish. Looking for sell setups could be a wise move now.

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Gold buyers were totally in control at the end of last weeks trading. One price point to watch is around 2392 where we saw buyers step in on Friday. We might see some similar tests of this zone like we did at 2352 earlier this month. Let's see how it plays out this week.

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Since rejecting major resistance at 0.9200, price has been steadily declining within the bearish channel shown in our chart. The next stop could be the previous swing low at 0.8840 with further downside momentum taking price to the base of the channel and at previous support around the 0.8750 zone.