XAUUSD: Gold remains around the bottom of the month, waiting for

Gold prices continued to fall, coming under selling pressure for the second day in a row and falling almost to this month's low in European trading.

Gold tested the ascending channel support line at $1,978 on Monday. Sellers are now in the ascendancy again and are trying to confirm the bearish triangle pattern. A close below this trend line confirms the pattern and sets the next target at $1,970.

To further break this support, sellers are targeting the 21-day moving average of $1,966, then $1,963, and then $1,950.