Red lines- medium-term bearish channel
Gold price is trading around $1,700. Price remains inside the medium-term bearish channel. Gold price has reached the lows of July 2022. Price has retraced more than 78.6% of the entire rise. Short-term oscillators are diverging providing a possible signal for a rebound. Short-term Trend remains bearish as price continues making lower lows and lower highs. On a daily basis there is no bullish Divergence by the RSI. Gold price justifies a bounce towards $1,730. As long as price is inside the medium-term bearish Channel we remain pessimistic for gold.
