Red lines- bearish channel medium-term
Black lines- short-term bearish channel
Gold price continues trading below $1,820. A new lower low was made around $1,812 after price got rejected at the upper short-term channel boundary resistance. Price remains in a bearish trend and so far we have no sign of a short-term trend reversal. For this to happen we will need to see price break out and above the black channel. The resistance of the black channel is at $1,825-30. Bulls need to recapture this price level in order to hope for a bigger bounce. Until then bears remain in full control of the trend. After such a long decline in Gold prices, I would give a lot of chances that on Friday bears decide to take some profits. The chances for a strong bounce increase for tomorrow.
