Gold price has finally broken above the $1,730 resistance and Gold price is now challenging the $1,750 resistance with eyes on the $1,763 target we mentioned a couple days ago. Price has formed a higher low at $1,698 and as long as price is above this level we see bulls in control of the short-term trend.
Green lines - bearish channel
Gold price is bouncing off the lower channel boundary. We have shown this chart many times before in previous posts when we were talking about the $1,700 area as target and potential reversal area. Gold price has potential to reach the upper channel boundary around $1,867-$1,850.
Blue line - support
Gold price is now challenging the short-term resistance trend line. Bulls need to break above this level in order to have hopes for a bigger bounce. In order to have hopes of reaching above $1,800, Gold price must overcome the 38% Fibonacci retracement which is our second short-term target. Too early to call a major low in place, bulls need to continue pushing price higher and with shallow pull backs.
