Gold price reached as high as $1,829 earlier today but bulls not only were unable to break the recent highs resistance, but price turned lower than yesterday's close, providing us with a bearish reversal candlestick.
Gold price got rejected for the second time at the 61.8% Fibonacci retracement. Today's price action confirms the importance of the $1,830 resistance level. Gold price formed a bearish reversal candle and if combined with a break below $1,797, then we will expect Gold to fall towards $1,750 and lower. Currently the chances favor Gold to continue lower. At current levels I prefer to be neutral Gold.
