Blue lines- bullish channel
Red line- bearish divergence
Gold price is trading once again above $1,805. Gold price continues to respect the upward sloping channel and is still trading inside it. The lower channel boundary support is found at $1,790. As long as price holds above this support area, short-term trend will remain bullish. The RSI has already provided us with several warning divergence signals implying that the up trend is weakening. However no reversal confirmation has been provided yet. The $1,730 price level remains our primary pull back target.
