FX.co ★ Gold price bounces strongly above $1,760.

Gold price is at $1,769. After the triple bottom around $1,680 and the major Fibonacci support level, bulls stepped in and pushed price higher respecting the key support and June lows. The higher price is moving the more the chances that we are not going to see a move below $1,700 again.

Red line - horizontal support

Black line - support trend line

Gold price briefly moved below the black trend line but is now back again above it. The horizontal red support line was so far respected. Could this sharp decline be a trap for bears? If price manages to push above $1,800, then most probably it was.

Gold price is below the Daily Kumo and as long as this is the case, we consider this up move as an upward counter trend bounce. Bulls need to push price above $1,830 in order to regain control of the trend in Ichimoku cloud terms.