Red line- bearish RSI divergence
Blue lines- bullish channel
Gold price is trading around $1,808 today with price under pressure. As we have explained in our previous posts, Gold price is vulnerable to a pull back. Technically trend remains bullish as price continues making higher highs and higher lows. Support by the lower channel boundary is at $1,787. A break below this level would be a sign of weakness and Gold price will be expected to make a pull back towards $1,730 where we find the beginning of this bullish channel.Resistance is found at $1,823. With the RSI making a lower high and turning lower, the chances for a move towards $1,823 or higher have diminished substantially.
