Gold price is right at the short-term resistance of $1,730. Bulls need to break above it in order to push higher towards our short-term bullish target of $1,763. Resistance is also found at $1,754 at the downward sloping resistance trend line.
Blue line - support
Red horizontal lines - Fibonacci extension targets
Gold price is vulnerable to a move towards $1,650 as long as price is below $1,755. If bulls manage to break above $1,755 then we could see a bigger bounce towards $1,763 and $1,850. Short-term support is at the recent higher low at $1,698. Breaking below it will be a sign of weakness.
