Gold price got rejected at the $1,800-$1,810 resistance and is now under pressure. Price broke below the short-term support and recent lows at $1,780 and provided us with another bearish signal. Price is heading towards our target of $1,750. Gold trend remains bearish as price is below the cloud resistance.
In our last
analysis we warned bulls that price despite the bounce to $1,800, remained below key resistance and bulls needed to break above $1,810. We also warned them that a rejection at $1,800-$1,810 would be a bearish signal. We also mentioned that a new bearish signal would be given when and if price would break $1,780. With Gold price approaching $1,760, we remain confident that price will eventually reach our short-term target of $1,750. Resistance is at $1,780-85. Trend will only change if bulls recapture $1,810.
