Red lines- bearish channel
Blue line- bullish RSI divergence
Green line- support/double bottom
Gold price is trading around $1,662 after reaching as high as $1,674. Gold price has formed a higher high and remains inside the medium-term bearish channel. Gold has potential to reach the upper channel boundary and the $1,690-$1,700 zone. Support is at yesterday's lows at $1,637. Bulls do not want to see price break below this level. A break below this level will signal the end of the bounce and the resumption of the down trend with $1,600 and below, as potential targets. In the near term bulls seem stronger and that is why we can see Gold reach $1,700 again.
