Gold price is still trading above $1,770 but bullish momentum is not strong enough to break resistance. On the contrary it looks like Gold price is hanging on a thin line and ready for a sharp move lower towards $1,740-20. Gold price is about to exit the bullish short-term channel.
Green lines – bullish channel
This is not necessarily bad news for bulls. Yes and exit from the bullish channel might provide weakness, but this could be short-term in order for Gold to form a higher low around $1,740-20 before resuming the up trend. Gold price is testing short-term support around $1,770 and a break below it will open the way for the anticipated pull back. Resistance remains at $1,782-84. Bulls need to reclaim this level fast if they want to have any hopes of a sharp move to $1,800.
The material has been provided by InstaForex Company – www.instaforex.com
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