Gold price remains trading around $1,730. Price has bounced off $1,676 low but so far this is considered a selling bounce. Most likely price will find strong resistance at $1,750 area and get rejected for a move lower.
Blue line - support
Black lines - Fibonacci retracements
Gold price is still below the important red resistance trend line. Bulls need to break above this resistance and most importantly above the 38% Fibonacci retracement. Bears on the other hand feel like they are taking a break. Bulls need to be extra cautious in case price reverses lower and breaks below $1,698 support. A rejection at the upper channel boundary is the most probable scenario.
