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.

   •  However, bullish technical indicators on hourly/daily charts remain supportive of persistent dip-buying interest at the lower end of the recent trading band.

   •  Hence, traders are likely to wait for a convincing breakthrough the mentioned range before positioning aggressively for the commodity's next leg of a directional move.

Gold 1-hourly chart