Spot gold (XAU/USD) continues to trade heavy, near its cycles lows. Back in late September, early October gold was able to recover back above important support around 1677, but it only held for a few days as price quickly sunk back beneath.
Since trading back under it has been unable to regain this important area, and in the process it has been building a descending wedge. This pattern is set up to lead XAU to even lower levels in the days/weeks ahead.
