Gold price reached $1,755 but got rejected at the short-term downward sloping resistance trend line and is now at $1,730. In our previous analysis we noted that Gold price has potential to move much higher towards $1,800 and higher but first bulls will need to break above the $1,750-60 resistance area.
Blue line - support
Black lines - Fibonacci retracement levels
Gold price got rejected today at the resistance trend line.Nothing is lost for bulls yet. Support remains key at the recent low of $1,698. As long as price is above this level bulls have hopes of seeing a move towards $1,780 and maybe higher. Breaking below $1,698 will open the way for a move towards the blue trend line support around $1,660. Trend remains bearish as price is making lower lows and lower highs. This current bounce could be short lived if bulls continue to show inability to break above the short-term resistance.
