Gold price continues making lower lows and lower highs. Trend remains bearish after the rejection at the resistance of $1,910. Bulls were unable to hold price above $1,900 and this has lead to the break below recent lows.
So far the black upward sloping support trend line has never been broken. Price tested it before several times and each time price bounced higher. Will we see the same price reaction? Weekly support in Gold is at $1,930-20. Bulls will need to defend this support trend line otherwise they might see Gold price moving even lower. The closer we get to the weekly support, the more attractive it will be to open new long positions. Risk for bulls is low when opening new positions near the trend line support. However in the short-term we have no sign of a reversal.
