Gold price is trading at $1,726 and bulls are still unable to break above the downward sloping resistance trend. In order to hope for a move towards $1,800 then bulls need to break above this resistance trend line now found at $1,750.
Red line - resistance trend line
Gold price remains inside the medium-tern bearish channel since August of 2020. Price continues making lower lows and lower highs. The recent bounce from the $1,676 low is still considered as a relief bounce and a pause to the downtrend. Price remains below the key downward sloping trend line and is now in danger of moving towards the lower green channel boundary at $1,650. As long as price is below $1,750 the move lower is the most probable scenario.
