Gold price has pulled back as expected once it reached our target of $1,780. Our previous analysis mentioned the increased chances of a pull back towards $1,750 which was short-term support. Price remains in bullish trend and has so far fulfilled our pull back target.
Blue lines- bullish channel
Gold price is inside a short-term bullish channel. Price is now challenging the lower channel boundary. Support for the short-term is at $1,750. Longer-term support is at $1,725 area. Price has pulled back towards the area we expected in our last analysis and now we expect price to move to new highs again. Unless we fail to hold above $1,750 on a daily basis, we expect price to move to new higher highs.
