Gold price is pulling back today after making a high around $1,833 and the 50% Fibonacci retracement of the entire decline from $1,916.
Red lines- bullish channel
Blue lines -Fibonacci retracement
Gold price is inside the short-term bullish channel. Price is now challenging the lower channel boundary support at $1,814. I expect support to hold and price to continue its upward move towards $1,855. Price got rejected at the 50% retracement. Breaking above it will open the way for a move towards the 61.8% Fibonacci level which is also the most important resistance.
