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25.02.202119:29 Forex Analysis & Reviews: Gold is under pressure

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Gold price is at $1,780 after a rejection yesterday at the short-term resistance trend line at $1,805-$1,810. Price made a low today at $1,769 very close to the double bottom low and horizontal support.

Blue lines- bearish channel

Green line - horizontal support

Red line - upward sloping support trend line

Yellow line - short-term resistance trend line

Gold price remains under pressure making lower lows and lower highs. Price got rejected at the short-term resistance trend line. There are increased chances that Gold price will break below recent and November lows at $1,760 for a move towards $1,700 and maybe $1,680-90. Resistance remains key at $1,805 and trading below this level will be key for the bearish scenario.

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