Gold price is trading around $1,735 still below the key resistance of $1,758. Bulls need to break above $1,758 to have a confirmed bullish reversal and in order to move closer to $1,788-$1,800. Until then Gold price is vulnerable to a move towards $1,710-$1,705.
Blue rectangle - possible pull back target
Red line - short-term resistance
Green lines- bearish medium-term channel
Gold price is below the short-term resistance of $1,746 and below the key resistance of $1,758. Gold price has support at $1,723. Breaking below this support will push price towards the blue rectangle target area of $1,710-$1,705. If Gold price breaks above $1,746 the chances for breaking above $1,758 rise. Confirmed bullish signal and important low at $1,677 we will have if and when price breaks above $1,758. Target will then be the upper channel boundary around $1,800.
