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