Gold became channel boundGoldOANDA:XAUUSDibraheeemzPreviously gold was moving in an ascending channel ( see the previous idea posted) with a channel top touched twice around 5600 and 5400. Afterwards, gold broke down that channel around 4850, and started moving in a descending (bearish) channel with two rejections at the channel top and two rejections at the bottom. Currently, gold is moving in a narrow range (4400 - 4650 ). While long term outlook will remain bearish as long as gold remains within this descending channel, we can expect a retest of 4850. And any dips near descending channel bottom can be considered buying/trading oppertunities.