Red lines- bullish channel
Gold price is in a short-term bullish trend. Price has started making higher highs and higher lows after the triple bottom around $1,615-20. Price has formed a bullish channel. Over the next few hours or until tomorrow we expect Gold price to pull back towards $1,740 as the current conditions justify with the RSI turning lower from overbought levels. Gold price is expected to pull back but most probably within bullish channel boundaries. First important support is at $1,712 where we find the 38% Fibonacci retracement of the entire rise. Failure to hold above this level will most probably push price towards $1,680 the next major Fibonacci retracement level.
