Gold price is at its weekly lows and price has now formed a bearish channel. Price remains in a bearish trend making lower lows and lower highs. Gold price target is below $1,850 towards $1,800.
Blue lines - bearish channel
Red lines -expected size of downward move
Gold price has more room to fall. The base of the triangle is the measured move that Gold price should follow after the triangle breakout. This means that we expect a move towards $1,800. So far price has shown no sign of a reversal. Trend remains bearish. Resistance is at $1,876 and next at $1,905.
