Gold price continues to trade above $1,770 and inside a bullish channel. Short-term trend remains bullish and our next target is at $1,806. Gold price might make another pull back towards $1,760 before resuming the uptrend.

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Green lines – bullish channel

Price is making higher highs and higher lows. The lower channel boundary at $1,756-60 is key short-term support. Breaking it might push price even lower towards $1,720-$1,700. Bulls need to respect the lower channel boundary in order to hope for a move towards $1,800.

The material has been provided by InstaForex Company – www.instaforex.com

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