Gold price continues making new lower lows and lower highs. Nothing much has changed since our last analysis. Gold is lower, Gold remains inside the bearish channel and with bears in full control of the trend. Price has broken the 61.8% Fibonacci retracement and is now hitting it from below.
Black lines - bearish channel
Green lines- Fibonacci retracement
The technical view on Gold remains pessimistic. Bears remain in control. There is no reversal signal. The only positive sign from Gold's 4 hour chart is the bullish divergence by the RSI. Still this is not a reversal signal but only a warning that we might see a reversal soon. Resistance is found at $1,753 and next support is at $1,716.
