Gold price has pulled back from its high at $1,797 to $1,776. Price remains inside the bullish short-term channel. Price is now challenging the lower channel boundary and key short-term support. Exiting the bullish channel will be a sign of weakness.

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Green lines – bullish channel

Gold price continues making higher highs and higher lows. Price is testing the channel support at $1,770. Breaking below it will open the way for a deeper pull back towards $1,751 and $1,722. However at this point as long as price holds above $1,770 it is more probable to see a new higher high towards $1,805-$1,820 than a deeper correction. At current prices I prefer to initiate long positions with a tight stop at $1,770 than turn bearish. There is still no sign of a reversal.

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

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