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16.02.202118:12 Forex Analysis & Reviews: Technical analysis on Gold

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Gold price made a low today at $1,789. As per our expectations from the analysis posted on February 12th, breaking below $1,810 would lead to a test of the recent lows at $1,784. Gold price remains under pressure.

Red line - important medium-term trend support

Blue lines - bearish short-term channel

Gold price remains inside the short-term bearish channel. Today we saw price test recent lows but so far support is respected. Support at $1,784 if broken will push price towards the red upward sloping support trend line at $1,700-$1,690. This is the most probable scenario for us as long as price is below $1,850.

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