Gold price is right at the short-term resistance at $1,730. Bulls need to break above it to move towards our short-term bullish target of$1,763. Resistance is also at $1,754 on the downward sloping resistance trend line.

Red line - resistance

Blue line - support

White horizontal lines - Fibonacci extension targets.

The gold price is vulnerable to a move towards $1,650 as long as the price is below$1,755. If the bulls manage to break above $1,755, then we could see a larger bounce towards$1,763 and $1,850. Short-term support is at the recent higher low of$1,698. Breaking below will be a sign of weakness.

Important

The information given in this publication should not be considered as a recommendation to invest money. Trading cryptocurrencies, forex, stocks, among others is risky.