Gold price is trading around $1,843. Trend remains bearish as price continues making lower lows and lows. Price is still trapped inside the bearish short-term channel. Gold is very close to our target of $1,825 where we also find key long-term support.
Black line- major trend line support
Gold price has resistance at $1,863 where we find the upper channel boundary. Support is at $1,829 where we find the long-term support trend line. As long as price is inside the red channel, we remain pessimistic for the price of Gold. The downtrend might be weakening according to the bullish RSI divergence seen in the 4 hour chart. A bounce higher is justified.
