Gold price is challenging important short-term Cloud resistance. After breaking below $1,700, Gold price bounced back towards the cloud resistance after touching the lower trading range boundary. A rejection at current levels and a move below $1,690 would be a very bearish sign.
Gold price continues to trade inside the trading range. Resistance is at $1,712-$1,720. As long as price is below this level, Gold is vulnerable to another sell off towards $1,630. Gold bulls need to recapture $1,720 for a move to $1,750-$1,800. Failure for bulls to hold above $1,690 will increase the chances of breaking below $1,669 recent low.
