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Gold price has broken out and below the short-term trading range we have noted over the past couple of posts. Price remains below the key short-term trend line resistance coming from $1,958 and it is very important to see how price reacts near the short-term support and recent low of $1,698.
Blue lines -short-term trading range
Gold price is trading just above $1,710. Price has broken the trading range downwards and is vulnerable to a move towards $1,700 and lower. Resistance remains key at the red trend line and as long as price is below $1,730-40 bears will remain in control of the short-term trend.
Black lines - Fibonacci retracements
Blue line - support
Gold price could see $1,780 if price breaks above the red resistance trend line. The 38% Fibonacci retracement level is a highly probable target if short-term resistance is broken. Bears should cover if this resistance is broken as price will be expected to move higher. Price remains under pressure below the red resistance trend line. As long as this is the case we should expect Gold to continue lower towards $1,650.
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