Gold Technical Analysis: Bearish pressure remains unabated ahead of US retail sales

London (Aug 15)  The precious metal has been trending lower since the New-York trading session on Tuesday alongside a downward sloping trend-channel on the 30-min chart.

   •  The recent USD upsurge remained uninterrupted and was seen as one of the key factors exerting some heavy downward pressure on the dollar-denominated commodity.

   •  The commodity's inability to attract any buying interest clearly suggests that the near-term bearish trajectory might still be far from being over.

   •  However, highly oversold conditions on hourly/daily/weekly charts might turn out to be the only factor, which might help ease the prevailing bearish pressure.

FXstreet

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