Red lines- bearish channel
Gold price is trading around $1,700. Although price made a low recently at $1,688 and price is higher now, today's price action suggests that price remains vulnerable to more downside. Bulls managed to push price towards $1,726 but were unable to hold their gains. Gold price remains inside the bearish medium-term channel. The upper channel boundary resistance is at $1,755. Gold price will most likely break to new lows below $1,688 soon. Bears remain in control of the trend.
