Gold price reached again the upper trading range boundary at $1,750. Gold price continues to move sideways the last few months. Now being close to the upper boundary it is time to consider our options.
Blue lines -trading range
Gold price is at major resistance area once again. As long as Gold trades below $1,750 we prefer to be neutral or bearish. A possible double top rejection at $1,750 could lead to another decline below $1,700. Gold price has made no real progress since April. Being close to key resistance I prefer to try a short position with a tight stop. Short-term support is found at $1.716. Breaking below it will increase chances of moving towards lower trading range boundary at $1.670.
