Red lines- bearish channel
Green line- neckline support
Blue lines- inverted cup and handle pattern
Gold price is near its 2022 lows around $1,620-30. Trend remains bearish. Our last trading signal was bearish, when price got rejected at the cloud resistance of $1,670. Gold is now challenging the horizontal support at $1,620-18. Gold price has formed an inverted cup and handle pattern. Price is now challenging the neckline support. Price remains inside the medium-term bearish channel. As long as price is below $1,670-$1.700 we remain bearish. A break below $1,620-18 will open the way for a move below $1,600 towards $1,500.
