Gold is capped under its short-term bearish channel ceiling (see intraday chart), beneath $1680 (12th April high) and the 200-day average (at $1700). • It still worth remembering the dramatic $103 one-day drop continues to offer psychological pressure for investors and traders. • The recent failure to break above the bearish channel ceiling has now reactivated downside pressure back into 1623 (23rd April low), then $1600 (psychological) and $1567, thereby offering further setbacks into $1522 (29th Dec swing low). • A sustained confirmation beneath here would resume risk for a much larger decline that we have been ... (full story)