Red lines- bearish channel
Over the past few sessions we mentioned many times that Gold price justified a move higher and most probably towards the upper channel boundary at $1,760. Gold price has made the reversal after our bullish warnings and has reached the bounce target. Technically trend remains bullish in the near term. Gold price remains inside the medium-term bearish channel. Gold has slightly more upside potential but there are also increased chances of a rejection and major reversal around $1,760-70. Bulls need to be cautious. First short-term support is at $1,751 and a break below this level would be a bearish reversal.
