US MBA Mortgage Applications down to -6.4% in Feb 8 from 3.4%

Gold prices touched the awaited resistance level at 1653.00 earlier today, though the currently pricing action is attempting to move lower again at the time of writing. “By touching this level the metal activated our previous bearish scenario, which will be likely so long as 1653.00 is limiting a further incline. What is particularly concerning is the price ability to retreat back and close above 1647.00 support level yesterday, forming a hammer candlestick pattern.” warns the Technical Analyst Team at ICN.com