Gold price has broken below $1,770 and outside of the bullish short-term channel. Gold price is vulnerable to a deeper pull back towards $1,750-40 area as long as price remains below resistance of $1,780. Breaking above $1,780 will add to the bullish momentum and Gold could reach next $1,800.
Green lines -bullish channel
Purple line -short-term resistance
Gold price remains in a bullish trend as long as price is above the previous important low at $1,720. Gold price is moving lower after making a high at $1,797. If Gold price turns up from current levels and breaks resistance of $1,780, we should expect price to surpass $1,800. If Gold price continues to slide lower price should find support around $1,750-40.
The material has been provided by InstaForex Company – www.instaforex.com
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