Black lines- Wedge pattern
Blue lines- Fibonacci retracement levels
Gold price is technically still in a bearish trend. Price continues making lower lows and lower highs. Price is trading around the 78.6% Fibonacci retracement of the rise from $1,892. Resistance is found at $1,917. Price has formed a downward sloping wedge pattern. if bulls manage to push price above $1,917-20 price area, then we could see a bigger bounce towards at least $1,945. The RSI is turning upwards from oversold levels. A bounce higher is justified. Bears need to be cautious as a move higher is very probable.
