Gold price tried to bounce above $1,800. Last week we noted that a break below $1,797 would be a bearish sign. Price today tried to back test this price level which is now resistance and used to be key support.
Gold price is showing rejection signs at $1,797-$1,800. Support at $1,780-83 remains key for the short-term. Failure to stay above this level will increase chances of a push lower towards $1,700. Near term support is at $1,790, breaking it will increase chances of also breaking $1,780. Bulls need to recapture $1,800 in order to have hopes for a move higher. For now bears remain in control after the bearish signs we got last week.
