Blue line- support trend line
Gold price is trading just below $1,800. Short-term trend remains bullish as price continues making higher highs and higher lows. Gold price has key support at $1,777 for the near term and next at $1,727. So far Gold price has only given us warning signals. Signals that the up trend is weakening. So far no reversal confirmation signal. In case price breaks below the blue support trend line, then we can say we have our first short-term reversal signal. Recent higher highs in Gold were not followed by a new higher high by the RSI. This is not a reversal signal but something that makes us believe a reversal signal might be close. So traders need to be very cautious.
