Last week we mentioned the downward sloping resistance trend line that bulls need to break in order for bulls to have more chances of seeing $1,800 and higher. Trend remains the same as price is making lower lows and lower highs.
Green lines -bearish channel
Red line -resistance trend line
Gold price is still below the resistance trend line. Price bounced off the lower channel boundary and support but so far bulls are unable to break above the resistance. The resistance at $1,752 is key for the short-term. Breaking it will open the way for a move towards $1,780-$1,800. A rejection here could push price to new lows towards $1,650-60.
