Gold Faces Bearish Squeeze in Falling Wedge Pattern

The gold market is facing bearish pressure as it forms a falling wedge pattern. The recent decline has led to two potential support levels being tested, at $4,203 and $4,146.

$4,203 was a key level that provided a bullish reversal signal of the prior declining trend.

The 78.6% Fibonacci retracement of the prior advance is also located at $4,146.

On the other hand, an upside breakout is confirmed on a rally above Wednesday's high of $4,367.