The precious metal failed to make any major gains after prices rose to highs near 1788.
The rising wedge pattern signaled earlier results in prices making a short term correction.
However, gold is still trading within the larger bullish price channel. As a result, the upside bias is still intact.
But this could change if gold breaks out from the rising price channel. It will potentially set the stage for gold to correct lower to the 1732 level.