Last Friday price ended with a bearish candlestick formation. This week has started where we ended on the previous week. Price is under pressure correcting the entire upward move from $1,752 to $1,813.
So far Gold price has retraced 38% of the entire upward move. Short-term trend is turning bearish as price starts making lower lows and lower highs. Next downside target is at the 61.8% Fibonacci retracement at $1,775. Bulls need to defend this level and form a higher low relative to $1,752. Resistance is at $1,800. In order to resume the up trend, bulls need to break above it.
